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Venterra Realty Acquires Avasa Spring Branch Multifamily In Houston For $45M

Property Image
SOLD
$45,000,000

Texas

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MultiFamily
Sold 08/31/2023
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Property Image
SOLD

Venterra Realty Acquires Avasa Spring Branch Multifamily In Houston For $45M

1095 Brittmoore Rd Houston, TX 77043, USA

See Similar Deals
MultiFamily
Sold 08/31/2023
the dealplayerscompscontact
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Summary

TEXAS
Asset Type:MultiFamily
Transaction Type:Sale

The property asset involved in this transaction is a multifamily residential complex known as Avasa Spring Branch, located at 1095 Brittmoore Road in Houston. This property comprises 361 units and spans across 10 acres. It was acquired for a transaction amount of $45 million and is supported by financing from PNC Bank.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $45,000,000
  • Buyer: Venterra Realty
  • Buyer Representative: John Foresi
  • Seller: D.R. Horton
  • Seller Representative: David V. Auld
  • Lender: PNC Bank

Notable aspects of the deal include the strategic location of the property near key Houston routes and medical centers, as well as its amenities, which include varied floor plans, fitness centers, and pools. This acquisition highlights Venterra Realty's interest in expanding their portfolio in the Houston market.

Players

John Foresi
Venterra Realty
John Foresi
9 deals$328.5M volume
BROKER
Interra Realty
Interra Realty
BROKERAGE
John Foresi
Venterra Realty
John Foresi
9 deals$328.5M volume
BUYER
DH
D.R. Horton
SELLER
PNC Bank
PNC Bank
LENDER

Details

SOLD
IMAGE: John Foresi & David V. Auld DATE: 08/31/2023 ADDRESS: 1095 Brittmoore Road MARKET: Houston ASSET TYPE: Multifamily ~ UNITS: 361 ~ ACRES: 10 BUYER: Venterra Realty (@VenterraRealty) - John Foresi SELLER: D.R. Horton (@DrHorton)- David V. Auld LENDER: PNC Bank (@PNCBank) SALE PRICE: $45,000,000 NOTE: Venterra Realty has acquired Houston's 361-unit Avasa Spring Branch for $45 million from D.R. Horton, backed by a PNC Bank loan. The property features varied floorplans, fitness centers, pools, and is strategically located near key Houston routes and medical centers.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,400,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$159,875.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$213,322.96
Annual Debt Service$2,559,875.50