Venterra borrowed about $12.8 million from Lend Lease Real Estate Investments' Freddie Mac Program Plus for the acquisition. The Holliday Fenoglio Fowler LP team in Houston of Scott Galloway, senior managing director, and Cortney Cole, associate director, were the loan originators for the 10-year, fixed-rate financing.

Rent and occupancy rose during the deal-making process, Cole tells GlobeSt.com. At closing, rent was 76 cents per sf or $608 per month for an average unit size of 800 sf.

"Steeples Apartments represents a solid investment situated in a thriving market," Cole says. The class B, garden-style complex was constructed in 1978 and renovated in 1998.

According to Harris County tax records, the seller was Whac2 Real Estate Ltd of Irving, TX or better known as the Archon Group. It acquired the 96%-occupied holding in 1997. The Steeples consists of 32, two-story buildings positioned on more than 11 acres.

Venterra used in-house representation to broker the deal. The seller was represented by Matthew Rotan of Houston's Southwest Residential Partners.

Venterra also owns the Tree Tops at Post Oak in the Houston Galleria submarket. It also owns three complexes in Austin and three in Canada. The plan is boost the portfolio with more acquisitions in Houston and Austin as well as Dallas and San Antonio, according to Cole.