With the Venterra portfolio recently growing with the acquisitions of The Maddox in Duluth, GA, and Park on Wurzbach in San Antonio, TX, we wanted to take a moment to provide an update on Venterra’s development projects, as well.
Neil Simon and our Development Group have continued to actively work to identify development sites for new Venterra communities. We have seen a significant uptick in activity and have been making considerable progress in recent months. This past week we received signed letters of intent from sellers of two separate land sites and are in the process of negotiating formal purchase and sale agreements with both groups. Both sites are in high growth areas adjacent to very successful master-planned communities in Houston.
We have also expanded our geographic footprint for development to include the San Antonio and Fort Worth markets. While our primary focus remains in Houston, we are starting to lay the groundwork in these new markets so we can actively pursue sites and provide future diversification for our investors.
Additionally, we are continuing our focus on development projects at existing communities on the heels of the very successful 24-unit building addition at Coles Crossing in Houston that was completed in early 2019. Our 48-unit, 2 building, addition at Silverbrooke Apartments is nearing completion and has gone very well. We expect to have apartment units available for move-in in early 2021 and are already pre-leasing. You can see our progress at Silverbrooke in real-time using either of the site camera links to the right.
We are also working on additional projects that are still in the exploration/planning phases including a project at Falcon Square Apartments in Orlando and at Republic Park Vista Apartments in Fort Worth.
Venterra and the executive team, including John Foresi, Andrew Stewart, and myself, are excited about the progress we are making to build out our Development Group and expand our Construction Services knowledge. Be on the lookout for new updates as we continue to make progress!