Vero Sade Has a $2B multifamily pipeline in Texas, Florida

Houston-based multifamily developer Vero Sade has $2 billion in projects in its development pipeline spread across Texas and Florida.

The company, which was founded just a year ago, has residential developments planned for Dallas, Houston, San Antonio and Orlando, totaling 4,500 units.

Braving economic headwinds and rising property-tax bills, Vero Sade is a part of a wave of multifamily investors going all in on Texas and Houston.

So far, the firm’s Houston acquisitions are all focused on inner-loop properties, including a $130 million mixed-use development project, according to a filing with the Texas Department of Licensing and Regulation, first reported by Community Impact.

Construction on the 850,000-square-foot project will start in November 2022 and is expected to finish in February 2025.

The development is located in Houston’s Montrose neighborhood adjacent to the Museum District at 3615 Montrose Boulevard on the site of the former Bacco Wine Garden. The development will have a 36-story, 369-unit apartment building with 369 units and a 10-floor parking garage over a single floor of the residents’ entry and 5,000 square feet of retail. There will also be a 12,000-square-foot “amenity space” on the 11th floor of the apartment complex.

Vero Sade’s other Houston Montrose acquisitions include City Vista Apartments, a 404-unit, wrap-style apartment at 2221 West Dallas Street, a 2.25-acre lot across the street from the West Alabama Ice House, and an empty lot at 911 Kipling Street near the Menil Collection and Rothko Chapel. The firm has also acquired a 2.25-acre lot in Houston’s Heights at 1180 W. 18th Street.

Vero Sade also picked up 3700M on McKinney Avenue, a 21-story apartment with 381 in uptown Dallas. The $100 million project was developed by Forest City Enterprises and completed in 2018, according to a Dallas Morning News report.

In San Antonio, Vero Sade has acquired a 20-acre site at 4700 N. Loop 1604 E. and an 18-acre site at 1869-1863 FM 1103 in the suburb of Cibolo.