After 17 tours in less than 30 days, Marcus & Millichap announced the sale of the Newport Landing Apartments. The 168k SF apartment complex is in the Highland Meadows neighborhood. Its 185 units average 912 SF. Marcus & Millichap senior director John Barker and associate Daniel Burton repped the sale to a private investor. John tells us with capital improvements made to the asset, the purchaser will be able to greatly increase the rents and overall value.
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The amenities of the gated property include a swimming pool, business center, clubhouse, on-site laundry facilities and courtyard. Inside, the units they feature fireplaces, walk-in closets and private patios. John tells us the private investor plans to make both interior and exterior improvements, including updates to the bathrooms and kitchens.
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