HOUSTON--ARA, A Newmark Co. (ARA Newmark) has brokered the sale of Calais at Courtlandt Square, a 356-unit, class A property in the city's sought-after Midtown area.
ARA Newmark executive managing director David Mitchell represented Internacional Realty in the transaction with Venterra Living, which acquired the property for an undisclosed price.
Calais at Courtlandt Square was 95 percent occupied at the time of the sale due to its proximity to Metro Rail and local thoroughfare Highway 59, connecting residents to the central business district, Texas Medical Center, the performing arts district, Rice University and the University of Houston. Surrounding the New Orleans-style apartments at 210 Louisiana St. are major grocery, retail, nightlife spots and restaurants such as Reef, T'afia and Brennan's of Houston. Other tenants include CVS Pharmacy, Walgreens, 24 Hour Fitness Super Sport, and there are plans for a Whole Foods Market adjacent to the property.
"Venterra, one of the top value-add operators in the country, purchased this extremely well-located asset knowing they can make interior renovations and bump rents to just below those of new assets in the immediate area," Mitchell told GlobeSt.com.
Based in San Antonio, Internacional Realty spans a group of companies whose disciplines include acquisitions and development, management and investment.
Considered one of the top value-add operators in the country, Venterra specializes in the identification, finance, acquisition and management of multi-housing communities in the Southern region. From Houston, the company manages a portfolio of multi-housing real estate assets of almost 17,000 apartment units totaling over $1.45 billion in value.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
