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Nicholas Residential Re-Enters Houston with 2,115-Unit Buy
Nicholas Residential LLC of Dallas acquired the Beltway Portfolio, a collection of six multifamily properties in the Houston area, totaling 2,115 units. Hudson Advisors sold the complexes for an undisclosed amount. Justin Shuart and Jason Pumpelly, with Cushman & Wakefield arranged equity financing for the buyer.
The portfolio consists of:
- Chelsea Park, 11000 Crescent Moon Dr., Houston
- Riviera Pines, 555 Normandy St., Houston
- South Grand at Pecan Grove, 2400 Old S Dr., Richmond
- Country Club Place, 1111 Golfview Dr., Richmond
- The Veridian, 695 Pineloch Dr., Webster
- Sky Hawk, 17231 Blackhawk Blvd., Friendswood
Nicholas Residential’s Paul Panza indicated that the buy represented the company’s move back into the Houston market, where it was once active. “We’re confident in the viability and growth of the Houston housing market, particularly in and around Friendswood and Sugarland,” he said. “We see this as the first acquisition of many as we rebuild our Houston portfolio.”
Pictured: Chelsea Park, Houston
For comments, questions or concerns, please contact Amy Sorter
- ◦Sale/Acquisition
