February 14, 2020
Newport Real Estate Partners made its second Houston-area acquisition, buying the 150-unit Haven at Louetta in Spring, TX, north of Houston. The local buyer shook hands with Houston seller Guefen Development in the off-market transaction.
The apartment complex delivered in 2018, and is situated on 7.1 acres at 20330 Whitewood Dr. The property offers one and two-bedroom units, with community amenities including a clubhouse, swimming pool, poolside grilling area, dog park and fitness center.
The new owners are planning to add value by leasing up the remaining vacancy and developing the final, shovel-ready 25,500-square-foot residential building, which will hold 30 more units. The property will be rebranded as Park45.
Newport Real Estate Partners also acquired the 460-unit Fountains at the Bayou in late January 2020, and is planning to invest approximately $150 million in acquiring more multifamily assets in markets with high job growth.
For comments, questions or concerns, please contact Amy Sorter