KATY, Texas — (Realty News Report) — Venterra Realty has acquired the 324-unit Elation at Grandway West apartment community in Katy, west of Houston.
Completed in 2020, the garden-style Elation at Grandway West was developed by InSite Realty and features contemporary finishes and landscaping typical of recently built suburban multifamily projects.
The community sits on Franz Road, less than a mile from the Grand Parkway, giving residents convenient access to major employment hubs including the Energy Corridor and regional highways.
The transaction was brokered by Matt Philips and Clint Duncan of CBRE’s Houston office. The mortgage was arranged by Michael Thompson, Vice Chairman and Co-Head of CBRE’s Debt and Structured Finance team in Houston.
The surrounding area supports a strong healthcare employment base, with more than 15,000 medical jobs concentrated at nearby hospitals and medical centers such as Texas Children’s Hospital, Houston Methodist West, M.D. Anderson Cancer Center’s West Houston location, and Memorial Hermann Katy.
Elation at Grandway West offers six distinct one- and two-bedroom floor plans, ranging from 671 to 1,116 square feet. Rents at the time of sale ranged approximately from $1,040 to $1,516 per month. Like many U.S. markets, Houston experienced softer rent growth during the pandemic year, particularly in the Class A segment.
Founded in 2001, Venterra Realty now owns and manages 64 apartment communities across 11 major U.S. cities. The acquisition of Elation at Grandway West pushed Venterra’s portfolio past the 18,000-unit milestone.
“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 the community by implementing Venterra’s customer-focused management platform,” added Andrew Stewart, Chairman of Venterra Realty.
Industry data from 2020 showed an average price of about $136,344 per unit for multifamily properties in Houston, according to Colliers International.
In a separate recent Houston transaction, Los Angeles–based JRK Property Holdings closed on Carrington Park at Gulf Pointe, a 258-unit apartment community near Hobby Airport. That property occupies a 16-acre site at 11666 Gulf Pointe Drive near the Gulf Freeway (I-45) and Beltway 8. JRK already owns roughly 1,000 units in the Houston market.
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.