HOUSTON – (Realty News Report) – Venterra Realty has acquired the Avasa Spring Branch apartment community located near West Houston’s Katy Freeway.
Construction on the 361–unit, three-story multifamily complex was completed in 2023.
Located on Brittmoore Rd., near its intersection with Interstate 10, the property offers an easy commute to prominent employment hubs including Memorial City, Midway’s CityCentre, Westchase, and the Energy Corridor.
“We have seen excellent growth in the Houston area and are excited to expand our Texas portfolio with the addition of Avasa Spring Branch,” said John Foresi, CEO of Venterra Realty.
Avasa Spring Branch offers modern one, two, and three-bedroom mid-rise residences that range from 613 SF to 1,475 SF with 21 different floor pl34ans. The apartments feature granite countertops, stainless steel appliances, large soaking tubs, and ample closet space.
Houston’s multifamily occupancy rate declined to 89.5 percent in the second quarter, down from 91.1 percent in the second quarter of 2022, according to Colliers.
Houston has strong apartment construction with 22,555 units under construction, Colliers reports. The apartment market had an inventory of 734,748 existing units as of the second quarter of 2023, up from 717,042 in the second quarter of 2022.
“The Houston multifamily market during the second quarter showed signs of stabilization. Occupancy rates remain unchanged from previous quarter, with rental rates staying relatively flat over the past year,” said Danny Rice, president of Colliers Houston.
In investment sales, Colliers said the median price in the second quarter was $122,652 per unit, a 7 percent decline from a year earlier.
Founded in 2001, Venterra Realty owns and manages 80 communities and more than 23,000 apartment units across 19 major US cities that provide housing to over 45,000 people and 15,000 pets. The organization has completed over $9.0 billion in real estate transactions and currently manages a portfolio of multi-family real estate assets valued at over $4.8 billion.
Aug. 31, 2023 Realty News Report Copyright 2023
Photo courtesy: Venterra
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