Thursday, November 03, 2016

Ilume's Apartment Buildings Added to Venterra's Dallas Investment Portfolio

One of Oak Lawn's biggest rental communities has a new owner.
The two Ilume apartment buildings have been purchased by Venterra Realty which has offices in Houston and Toronto.
The 556-unit apartment projects are located at Cedar Springs and Douglas Avenue.
Venterra - which owns other apartments in the Dallas area - completed the purchase this week, said COO Richard Roos.
"We've looked at a lot of stuff to buy and we are very bullish on Texas and Dallas," Roos said. "Texas is our backyard and Dallas is an important market for us."
Roos said the Ilume buildings are about 90 percent leased. One of the buildings has ground floor retail.
"We think we can make some improvements in the property and improve occupancy," he said.The new owners plan an upgrade program for the buildings.
"There is some massaging that can be done to the physical exterior and we plan some light renovations inside," Roos said. "We are definitely excited to get our hands on the deal."
Venterra owns eight Dallas-area apartment communities, including the Zang Triangle building in Oak Cliff.
"We have about 14,000 units as a company about 9,000 or 10,000 of those are in Houston," he said.
Written by Steve Brown - Dallas Morning News