The Venterra Development Division is currently overseeing the construction of two buildings, adding 48 apartment homes to Silverbrooke, a property in Stafford, Texas.
In January, Venterra Realty broke ground on this expansion project, using the four-acre space between Silverbrooke and its sister property, Shadowbrooke, to start construction of two new structures. As there was no land acquisition required, Venterra is able to provide attractive returns for investors with lower risk. The newly constructed buildings are matched to the existing structures to maintain a consistent aesthetic within the community. The onsite management team is currently pre-leasing the apartments, which are scheduled for completion in January 2021.
Silverbrooke is a Class A, garden-style property that was built in 2007 with 312 original units. Located at 1020 Brand Lane in Stafford, TX, the property is about 2 miles from Highway 59 and 20 miles southwest of downtown Houston.
"This construction project illustrates an exciting new chapter for Venterra, where we are able to leverage Venterra's knowledge of market performance and capitalize on opportunities that will continue to strengthen the organization, provide stable returns, and contribute to economic growth," said John Foresi, CEO of Venterra Realty.
The 48 new apartments, which consist of one and two bedroom layouts, as well as a one bedroom with office space, range from 750 sq. ft. to 1113 sq. ft., with rents starting between $1240 and $1620 per month.
Each new apartment features stainless steel appliances, quartz countertops, wood plank vinyl floors, oversized closets, and first floor apartments offer fenced-in yards. These new apartments are also equipped with SMARTHOME features that allow residents to unlock their front door and control their thermostat via an app on their smart phone. Beside the new buildings, new amenities were added as well: a covered playground, covered seating areas, and a large dog park to add to the already existing swimming pool and fitness center.
"We are very excited to take the Venterra experience to the next level and design homes for our residents. Our Development Division works hand in hand with our Property Operations teams to plan apartments that meet the needs of today's renters" added Andrew Stewart, Chairman of Venterra Realty.
