Properties: The Grove at Clermont and Avasa Grove West
Buyer: Venterra Realty
Seller: Withheld
Property type: Garden style
Units: 618
Location: Clermont and Wesley Chapel, Florida
Purchase price: Withheld
Despite a slow sales market, Venterra Realty has had an active fall, lining up financing and buying two new properties built this year.
Last week, the Houston-based apartment owner acquired the 288-unit, two-story The Grove at Clermont property in Clermont, Florida, just west of Orlando. The property is adjacent to a retail development with a Publix grocery store and bordered by the South Lake Trail, part of a 43-mile greenway corridor and recreational trail for walking, running and biking.
“We have been targeting Clermont for years due to its local employment base, strong growth and strategic location just around 30 minutes from Orlando,” John Foresi, CEO of Venterra Realty, told Multifamily Dive.
The Grove at Clermont, built in 2023, has one-, two- and three-bedroom garden-style units that range from 731 to 1,415 square feet in 10 floor plans. The apartments include quartz countertops, stainless steel appliances, side-by-side refrigerators and washers and dryers. The property’s amenities include a resort-style pool with gas grills, a 24-hour commercial-caliber fitness center, a pet spa, a clubhouse and a bike storage facility.
To secure the property, Venterra worked with debt providers it already knew. “During these times, established, deep relationships with lenders matter more than ever,” Foresi said. “We have the benefit of many such relationships, built on our track record as a sponsor of property acquisitions.”
Another acquisition
The purchase follows one in September of another property built in 2023 — the 330-unit Avasa Grove West community located in Wesley Chapel, Florida, 20 minutes from downtown Tampa. It is directly adjacent to two large retail developments, The Grove at Wesley Chapel and Krate, that provide shopping and dining.
“Wesley Chapel offers a thriving community with a robust economy, making it an ideal location to add to our growing portfolio in the Florida region. Its proximity to Tampa ensures easy access to a wide range of employment opportunities and entertainment options,” Foresi said.
Avasa Grove West offers one-, two- and three-bedroom garden-style apartments that range from 782 to 1,563 square feet in eight floor plans. The apartments feature quartz countertops, stainless steel appliances and screened-in patios. Its amenities include a resort-style pool area with pergolas, poolside grills, a California kitchen and televisions; a 24/7 fitness center; a yoga and spin studio and a clubhouse.
Though Avasa Grove is a new development, Foresi said Venterra was able to identify areas of improvement that can unlock additional value, which made its price viable to the seller. The company has implemented a 48-hour service guarantee; deployed smart door locks, digital thermostats and smart plugs in every apartment; enabled discounts for recurring automated rent payments; and streamlined lease renewals.
“Our vision for the property is focused on enhancing the resident experience,” Foresi said.
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