Venterra paid $29.4 million for the three properties, with a total of 856 units, a Venterra contact tells GlobeSt.com. That's $34,287 per unit. Last year, the average per-unit sales price was more than $39,000, according to Austin Investor Interests. The asking price for the Hendry properties was $31 million.
Will Balthrope, director of Cushman & Wakefield of Texas Inc.'s Multi Housing Group, was the listing agent. He and his team floated 40 invitations to bid in a private offering and received 29 offers, which he characterized as an "unbelievable" response. The complexes were on the market just 30 days. The deal closed Feb. 21.
Balthrope tells GlobeSt.com that the apartments, all more than 20 years old, were well built, are in good locations and have been well-maintained. The biggest complex in the deal, the 453-unit Vista del Rey at 5622 Evers Rd., has outpaced market rent increases and the other two have kept pace, he says.
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