Venterra Realty To Develop First Ground-Up Multi-Family Class A Development Project in Cypress Texas

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Aug 03, 2021, 10:00 ET

12.78-acre parcel of land to be developed into state-of-the-art garden style Class A multi-family community

HOUSTON, Aug. 3, 2021 /PRNewswire/ -- Venterra has purchased a 12.78-acre parcel of land in the Cypress area of northwest Houston for the construction of its first ground-up multi-family development project. After construction, the site will host a Class A state-of-the-art 336-unit garden style multi-family community.

The project will feature 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. Amenities will include a resort-style pool, outdoor lounge, fitness center, yoga/spin room, package lockers, business center, "WeWork" style workspaces, property-wide WiFi, a dog park and covered parking (garages and carports). Unit interiors will feature hard-surfaced counters, faux wood style plank flooring, 9-foot ceilings, stainless-steel appliances, shaker cabinets and Venterra's SmartHome package.

"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 John Foresi, Venterra CEO. "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 have frontage and visibility on Tuckerton Road, just east of Fry Road and adjacent to an H-E-B anchored retail development. This location is adjacent to the Bridgeland master-planned community, an 11,400-acre site being developed by the Howard Hughes Corporation. Bridgeland is the #1 selling master-planned community in all of Texas, with average home prices in excess of $410,000, and is indicative of the type of explosive growth occurring in the area. Bridgeland is expected to have a population of over 63,000 residents at final build out, as well as several office and retail job centers.

"We are thrilled to announce that we have closed on the site for our first ground up development in the growing area of Cypress," said Neil Simon, Vice President of Development. "This transaction represents a significant milestone for our development initiative, a key organizational focus for Venterra. I look forward to being a part of this project from start to finish and providing the residents of Cypress with a community complete with industry-leading technology and amenities, operated by caring people."

"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 Venterra Chairman, Andrew Stewart. "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."

About Venterra Realty

Founded in 2001, Venterra Realty owns and manages approximately 65 communities and over 18,000 apartment units across 11 major US cities that provide housing to over 35,000 people and 11,000 pets. The organization has completed more than $6.5 billion in real estate transactions and currently manages a portfolio of multi-family real estate assets valued at over $3 billion. Venterra is committed to improving the lives of its residents by delivering industry-leading customer experience. Find out more about Venterra Realty and its award-winning company culture at Venterra.com.

Venterra Realty Media Contact:

Media Contact: Allie Foard

Email: [email protected]

SOURCE Venterra Realty