Houston-based Venterra Realty, which owns and manages approximately 65 communities with more than 18,000 apartment units across 11 major U.S. cities, is developing its first ground-up multifamily project. The organization has acquired a 12.78-acre parcel of land in Cypress, northwest of Houston.
Plans for the site tout a Class A garden-style multifamily community with 336 units and an 8,600-square-foot clubhouse that “will form the heart of the community and provide a ‘wow’ factor for anyone who visits the property,” according to Venterra Realty. Amenities will include a resort-style pool, an outdoor lounge, a fitness center, a yoga and spin room, package lockers, a business center, workspaces, property-wide Wi-Fi, a dog park, and covered parking.
“What will ultimately be built on this site draws from the aggregate experience of hundreds of Venterra employees and hundreds of thousands of satisfied Venterra residents over our 20-year history,” said CEO John Foresi. “Our philosophy in designing this project was to focus on amenities and luxuries that will be memorable, appreciated, and will move the needle, making the completed project a highly desirable place in which to live.”
The property will be adjacent to the Bridgeland master-planned community, an 11,400-acre site being developed by The Howard Hughes Corp. that is expected to have a population of more than 63,000 residents at final buildout as well as several office and retail job centers.
“Our development group has done a tremendous job identifying development sites for new Venterra communities, allowing for the successful expansion and diversification of our portfolio,” said Andrew Stewart, Venterra chairman. “Venterra was only able to gain control of this very attractive development site and ultimately complete the purchase due to our reputation in the market as a successful acquirer and operator with very strong access to capital. This milestone is a win for all of us, and we are looking forward to the completion of the project.”