Venterra Expands Florida Footprint With 256-Unit Buy
The buyer backed the deal with a $36 million loan.
Venterra Realty has purchased Trevesta Place Apartments, a 256-unit community in Palmetto, Fla. According to Manatee County public records, a joint venture between The Carlyle Group and Terwilliger Brothers Residential sold the asset for $55.4 million. Walker & Dunlop financed Venterra’s purchase with a $36 million note set to mature in September 2029, the same source shows.
In 2021, Manatee County approved the project and according to Yardi Matrix data, the developers secured a $34.2 million construction loan. Group 4 provided architectural and multifamily interior design services. Trevesta Place debuted last year.
The property comprises studio and one- to three-bedroom floorplans ranging from 707 to 1,248 square feet, spread throughout six four-story buildings. Units feature open-floor layouts, granite countertops, mud rooms and walk-in closets.
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Of the total available area, 37 percent comprises open space dedicated to amenities such as a swimming pool with a grilling area and dog park. Additionally, a gym, a resident lounge and EV charging stations are also available.
Located at 6415 Annapolis Loop, Trevesta Place Apartments is less than 1 mile from Interstate 75, while downtown Palmetto is roughly 8 miles southwest. Numerous lakes, rivers and parks are nearby. Employers such as Feld Entertainment and Sun Hydraulics operate within 15 miles.
More Southwest Florida Coast units trade
Venterra Realty CEO John Foresi said, in prepared remarks, that the company witnessed excellent growth in the Sarasota market and therefore expanded to the nearby Palmetto. The Southwest Florida Coast—comprising Fort Myers and Sarasota markets, as well as their surroundings—ranked third on Multi-Housing News’s top emerging housing markets list.
Year-to-date, developers delivered more than 4,300 units in the region and its pipeline still numbered more than 18,800 units under construction as of August, Yardi Matrix data reveals. However, as the new supply is absorbed, the advertised asking rent dipped by 4.3 percent year-over-year in July, according to a Yardi Matrix report.
Investors purchased 10 assets bearing 50 or more units in the Southwest Florida Coast year-to-date, the data prover shows. In total, upward of 2,400 units changed hands—a figure surpassing last year’s traded unit count of more than 2,300 during the same period.
While this year’s exchanged unit count outshined last year’s, the average price per unit declined. Year-to-date, Southwest Florida Coast’s average price per unit stood at more than $195,000, while last year’s figure clocked in at north of $298,000 during the same interval, Yardi Matrix shows.
