Houston multifamily investor buys North Manatee apartments
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Sep 20, 2024

A newly built apartment complex in North Manatee County has sold to a Houston firm that owns dozens of multifamily properties throughout the Sunbelt.

Venterra Realty recently paid $55.3 million for Trevesta Place apartments, a complex in Palmetto near the interchange of interstates 275 and 75. The apartment complex has 256 units, and the purchase price breaks down to $216,286 per unit. Trevesta Place was developed in 2023 by Terwilliger Brothers Residential and The Carlyle Group. The developers broke ground on the apartment complex in 2022, and Summit Contracting Group was the general contractor on the project.

Trevesta Place is comprised of four-story buildings with elevator access. Floor plans include one-, two- and three-bedroom units and studio apartments. Amenities include an on-site dog park, a resort-style pool area with a grilling area, a fitness center, a lounge and electric vehicle charging stations.

North Manatee County is a rapidly growing area, and several national and local homebuilders have recently taken large land positions in the area, preparing to build thousands of new single-family homes. Pulte Group and Taylor Morrison have both made big moves in North Manatee this year.

"We have seen excellent growth in the Sarasota market and are excited to expand our Florida portfolio into Palmetto with the addition of the amenity-rich property Trevesta Place Apartments," John Foresi, CEO of Venterra Realty, said in a statement

Of the 90 multifamily properties that Venterra owns, 20 are in Florida. Several of its properties are located in the Tampa Bay area, including Citrus Park, Clearwater, Tampa, Wesley Chapel and Lakeland.

"Venterra has become known as a company that is committed to providing a market-leading living experience," Andrew Stewart, Venterra chairperson, said in a statement, "and we look forward to identifying opportunities to further enhance the standard of living at Trevesta Place Apartments by implementing Venterra's customer-focused management platform."