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HOUSTON-Locally based multifamily owner and manager Venterra Realty, Inc. has added to its growing Texas portfolio with the acquisition of the Ravinia, a 232-unit, class A multifamily property. The seller was Buckhead Portfolio II, which is owned by developer KET Enterprises, Inc.

Located at 2400 Spring Rain Dr. and completed in 2000, the 95%-occupied property has an assessed value of nearly $12.6 million. The sales price and original ask were not available.

Greg W. Finch, president of Venterra Realty, tells that the company plans light renovations to the property, to the tune of $1,000 per unit. “This is a well-located, class A property with good amenities,” he says, adding that Venterra has no plans to convert the property into condominiums.

The transaction is not Venterra’s first in the area, nor will it be the last, as Finch notes that they’re on the lookout for quality properties in the four major Texas markets of Dallas, Houston, San Antonio and Austin.

The seller, Buckhead Portfolio II, which is owned by developer KET Enterprises, Inc. in Houston, was self-represented.The Ravinia offers one-, two- and three-bedroom units at an average unit size of 912 sf and offered at an average monthly rent of $853. Amenities include a clubhouse, fitness center, spa, fitness trail, private lake and detached garages.

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