Venterra Realty continues to grow its multifamily presence in Orlando, Fla. with the acquisition of a 328-unit community. The company acquired Luma Headwaters from Waypoint Residential for an undisclosed price. The previous owner acquired the garden-style community from developer Wood Partners for $95.5 million in September 2021, according to REBusinessOnline.
Wood Partners developed the four-story community recently, opening the doors to the first residents in July 2020. Originally branded “Alta Headwaters,” the property offers studio, one-, two- and three-bed units that range from 600 to 1,323 square feet. The units were built with quartz countertops, stainless steel appliances, oversized closets, and washer and dryers, while the community’s amenities include a pool area with grilling areas and social spaces, dog park, pet salon, fitness center, yoga studio, clubhouse and remote office space.
Located at 4000 Headwaters Way, Luma Headwaters is just off S. John Young Parkway that connects to Orlando’s major thoroughfares, including International Drive, Florida’s Turnpike and Interstate 4. With direct access to the highway, residents are a short drive away from Orlando’s major attractions, including Disney World, Universal Studios, Sea World and the Orange County Convention Center. Luma Headwaters is currently 93.9 percent occupied and Venterra Realty is planning to enhance the resident experience by implementing some of its residents programs in the community.
Growing Its Sunshine State Portfolio
John Foresi, CEO of Venterra Realty, said in prepared remarks that the company has seen strong growth in the Orlando metro. With the acquisition of Luma Headwaters, the company has acquired four residential properties in Florida so far this year.
Now, the company owns and manages 75 communities and more than 22,000 units across 17 cities. Besides Orlando, Venterra Realty has a diverse portfolio of Florida communities with properties in Tampa, Jacksonville, Daytona Beach and several other cities. In November 2021, the company acquired the 168-unit Cane Island Apartments located in Kissimmee, Fla., from CGI Strategies. Outside of Florida, the Venterra Realty’s portfolio includes communities in Georgia, Kentucky, North Carolina, Oklahoma, Tennessee and Texas.