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.
In addition to Vista del Rey, the package included the French Place Apartments at 109 W. French Place and Sunray Apartments at 7600 Blanco Rd. French Place, built in 1973, is a 98%-occupied, 84-unit property. The 319-unit Sunray Apartments, bearing a 93% occupancy, was built in two phases, 1976 and 1978. The Vista del Rey, built in 1983, is 88% occupied. A Venterra contact tells GlobeSt.com that the plan is to renovate the properties, but exactly what hasn't been determined.
Balthrope says that with the disposition, the Hendry family will concentrate on its other real estate ventures, which include the Lock-N-Key mini-storage facilities.
Venterra is looking to acquire class A and B multifamily properties in infill locations. So far, the company's focus as been in Texas, but, the contact says, it will look outside the state, too.
In San Antonio, Venterra also owns the 184-unit Carlisle Apartments at 1752 Babcock Rd. and the 390-unit Ventana Apartments at 11020 Huebner Rd. In Austin, it owns Venterra at Crystal Creek with 144 units, Venterra at Waters Edge with 184 units and Bradford Pointe with 264 units. Its Houston property is Tree Tops at Post Oak with 180 units. It has three other Houston properties under contract.
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