Venterra Realty Sells Texas Multifamily Complex to Florida Group, Apartments

Miami-based LPI Holdings has purchased The Preserve at Old Dowlen, a 304-unit multifamily property in Beaumont. Photo: Newmark Knight Frank

In Beaumont, Texas, Miami-based LPI Holdings has purchased The Preserve at Old Dowlen, a 304-unit multifamily property in Beaumont, about 90 miles east of Houston.

The seller, Houston-based Venterra Realty, was represented by Brad Shaffer and Brandon Miller of Newmark Knight Frank.

NKF Multifamily Capital Markets Debt & Structured Finance Executive Managing Director Purvesh Gosalia worked on behalf of LPI Holdings to secure a 12-year, fixed-rate purchase loan from Fannie Mae. It was 93 percent occupied at the time of sale.

“LPI Holdings chose this property due to the strong historical occupancy and in-place yield,” NKF’s Shaffer said. “They also recognized the fact that the Beaumont market is fundamentally sound and has had very little new supply delivered in the past five years. LPI was able to secure high leverage agency debt with four years of interest only, further increasing going in returns.”

The project is located in northwest Beaumont adjacent to Parkdale Mall.

Venterra specializes in the identification, development, finance, purchase and management of multifamily communities throughout the southern U.S. with a portfolio valued at over $2.8 billion.

Venterra, led by co-founders John Foresi and Andrew Stewart, has dozens of projects in Texas, in addition to multifamily communities in Florida, Georgia, Kentucky, North Carolina and Tennessee.