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Venterra Realty Finishes 416-Unit Acquisition

PLANO, TX-Venterra buys the last two metroplex holdings of Francis Property Management. Sources say the 208-unit complexes in West Plano brought roughly $40 million.

By Connie Gore | Updated on November 29, 2007

(Read more on the multifamily market.)

PLANO, TX-Venterra Realty has closed on the second 208-unit

3800 Pebble Creek

multifamily asset in a portfolio sale by Francis Property Management of Beverly Hills, CA, which is bidding goodbye to the Dallas/Fort Worth market with the back-to-back deals. Market sources say the seller has reaped at least $40 million for the Collin County complexes.

Given the market and the times, occupancies are hovering 90% at the Reserve at Pebble Creek at 3800 Pebble Creek Court and Somerset at Spring Creek at 3801 W. Spring Creek Pkwy. The assets are located less than a half-mile apart in West Plano, where there are few, if any, multifamily sites left to develop.

Francis Property Management acquired the holdings, both built in 1999, in August 2004, according to Collin County tax records. The Reserve, situated on 13 acres, is carrying a $12.9-million assessment for this year and its sister complex, positioned on 18.2 acres, is assessed at $13.9 million.

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