KATY, Texas – (Realty News Report) – Venterra Realty acquired the 324-unit Elation at Grandway West apartments in Katy, west of Houston.
The Elation at Grandway West, a garden-style property, completed in 2020, was developed by InSite Realty.
The community is located on Franz Road, less than a mile from the Grand Parkway, which provides residents easy access to the Energy Corridor.
The transaction was brokered by Matt Philips and Clint Duncan from CBRE in Houston. The loan was originated by Michael Thompson, Vice Chairman and Co-Head of CBRE’s Debt and Structured Finance Team in Houston.
A number of medical facilities are located in the area with with over 15,000 medical jobs at hospitals including Texas Children’s Hospital, Houston Methodist West, M.D. Anderson Cancer Center, and Memorial Hermann Katy.
The apartment community offers six unique one and two bedroom apartment layouts ranging in size from 671 SF to 1116 SF, with rents ranging from $1040 to $1516 per month. Due to the pandemic, rents have been softer in Houston over the last year, particularly in the Class A market.
Founded in 2001, Venterra Realty owns and manages 64 apartment communities in 11 major US cities.
“With this acquisition, Venterra has crossed a new milestone – we now have over 18,000 units in our portfolio for the first time,” said John Foresi, CEO of Venterra Realty.
“Elation was expertly built to a high standard, but we’re looking forward to identifying opportunities to further improve by implementing Venterra’s customer-focused management platform,” added Andrew Stewart, Chairman of Venterra Realty.
In 2020, investors paid an average price of $136,344 per unit for Houston multifamily properties, according to Colliers International.
In another recent Houston deal, Los Angeles-based JRK Property Holdings closed on the purchase of Carrington Park at Gulf Pointe, a 258-unit apartment project near Hobby Airport. It sits on a 16-acre site at 11666 Gulf Pointe Drive, near the intersection of the Gulf Freeway and Beltway 8. The investment firm, which already owns about 1,000 units in Houston.
Feb. 4, 2021 Realty News Report Copyright 2021
File: Venterra Buys New Multifamily
Caption: Elation at Grandway West. Courtesy: PRNewsfoto/Venterra Realty
File: (2) InSite Realty. Venterra Buys New Multifamily in Katy. Houston. CBRE. Apartments.