Venterra Buys Prime Lindbergh Apartment
Venterra Realty has expanded its apartment empire in Atlanta with a "value-add" buy in Lindbergh. We spoke with Venterra's acquisitions director Craig Marbach, who told us the firm just purchased Tuscany at Lindbergh, a 324-unit Class-A apartment community off Garson Drive from Equity Residential. According to Databank, Venterra paid $49.5M for the project.
HFF's Cortney Cole helped Venterra obtain purchase financing from MetLife. Venterra manages a portfolio of multifamily assets totaling more than $1B that generates gross annual income in excess of $90M. "[Tuscany] is a value-add opportunity. It's pretty typical of what Venterra goes after," Craig says. Venterra is bullish on Atlanta—where it also owns Westminster at Buckhead (above) and Reflections on Sweetwater in Lawrenceville—despite how hard hit the market was during the Great Recession. And fundamentals for its Atlanta communities are up. "It's also one of the markets that has bounced back pretty significantly," he says.