KATY, TX - Venterra Realty acquired Elation at Grandway West Apartments in Katy, Texas. Elation at Grandway West is a garden-style property, completed in 2020, with 324 apartments. Located on Franz Road, less than a mile from 99, the Grand Parkway, which provides residents easy access to I-10, the energy corridor, and downtown Houston.
Elation's location hosts a diverse employment base with over 15,000 medical jobs and major medical facilities including Texas Children's Hospital, Houston Methodist West, M.D. Anderson Cancer Center, and Memorial Herman Katy Hospital.
The community offers six unique one and two bedroom apartment layouts ranging in size from 671 sq. ft. to 1116 sq. ft., with rents ranging from $1040 to $1516 per month. Elation's apartment interiors feature quartz countertops, stainless steel appliances, soft-close drawers, halo-lit mirrors, and smart door locks. The community hosts a robust amenity package including three outdoor grilling areas, two swimming pools, a dog park, pergolas with swings, a yoga and spin studio, fire pits, and a Bocce court.
"With this acquisition, Venterra has crossed a new milestone – we now have over 18,000 units in our portfolio for the first time," said John Foresi, CEO of Venterra Realty. "Elation was expertly built to a high standard, but we're looking forward to identifying opportunities to further improve by implementing Venterra's customer-focused management platform," added Andrew Stewart, Chairman of Venterra Realty.
With a history of long-standing success in the Houston market, Venterra was chosen as the buyer in this off-market transaction, brokered by Matt Philips and Clint Duncan from CBRE's Houston office. The loan was originated by Michael Thompson, Vice Chairman and Co-Head of CBRE's Debt and Structured Finance Team in Houston.