Venterra Realty has acquired Avasa at 1604, a blended rental community with 339 apartment units and 85 single-family rental homes at 6730 N. Loop 1604 E. While terms of the deal were not closed, the firm took out a loan of about $41.8 million as part of the transaction.
The San Antonio Business Journal reports the project, built in 2021, has seen a rapid jump in value. A recent county appraisal pegged the value at $41.6 million. In 2020 property was valued by the Bexar County Appraisal District at $21.4 million.
The company owns a number of multifamily properties in San Antonio, including Westover Oaks, French Place and Carlyle Place. The company’s website says “Approximately 80% of our completed transactions are “off-market” deals accessed through a proprietary network that we have built up over 2 decades of experience, which results in Venterra often being able to acquire properties below the prevailing market prices.
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Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.