PEARLAND, Texas — St. Andrews Apartments, a 472-unit, Class A multi-housing community in Pearland, Texas, has been sold to Venterra Realty.
HFF marketed the property on behalf of the seller, a T-I-C ownership group managed by Joseph and Henry Mandelbaum of RealTax Inc.
St. Andrews Apartments is situated on a 20-acre site at 9900 Broadway Street close to Highway 288, the Texas Medical Center and downtown Houston in Pearland. The property has an average unit size of 945 square feet and is 99.6 percent leased.
The HFF investment sales team representing the seller included Craig LaFollette, Todd Stewart, Todd Marix, Tre Banks and Chris Curry.
Fixed-rate financing for the acquisition was arranged by HFF through PPM Finance, Inc. HFF will also service the loan. PPM was represented by Holly Wathan, associate regional director for PPM Finance, Inc. HFF’s debt placement team representing Venterra Realty was led by director Cortney Cole.
Venterra specializes in the identification, finance, acquisition and management of multi-family residential communities in the southern United States. Venterra currently manages a portfolio of multi-family real estate assets totaling over $850 million in value that generates gross annual income in excess of $90 million. The organization has completed in excess of $1.5 billion of real estate transactions. Venterra has offices in both Houston and Toronto and employs over 450 people.