HOUSTON – Venterra Realty has acquired the Preserve at Colony Lakes, a 420-unit multifamily community in Stafford, Texas, about 20 miles southwest of downtown Houston.
Holliday Fenoglio Fowler worked on behalf of Venterra Realty to secure the seven-year, 3.22 percent, fixed-rate loan with a life company correspondent lender. Loan proceeds were used to acquire the asset by Venterra, which has offices in Houston and Toronto.
Preserve at Colony Lakes was completed in 2004 and is located at 1000 Farrah Lane near the convergence of U.S. Highway 59 and State Highway 90 in Houston’s Stafford/Sugar Land submarket.
The property offers one-, two- and three-bedroom floor plans and it is 93-percent-leased.
The HFF debt placement team representing the borrower was led by director Cortney Cole.
Venterra currently manages a portfolio of approximately 17,000 multifamily units totaling more than $1.45 billion in value that generates gross annual income in excess of $180 million. The organization has completed in excess of $2.6 billion of real estate transactions. Venterra employs more than 500 people.