Newport Real Estate Partners LLC, a just-launched real estate firm focused on the acquisition and repositioning of value-add multifamily properties, targeted Houston for its first buy. The Houston company, co-founded by Matt Wilson and Jack Franco, acquired ownership rights to the 460-unit Fountains at the Bayou. Nitya Capital sold the property in an off-market transaction.
Situated on eight acres at 11810 Algonquin Dr., the 50-year-old property has one, two and three-bedroom units, with amenities including a clubhouse, swimming pool and playgrounds. Newport Real Estate is planning a $2 million capital investment to renovate the leasing office, improve the landscape and community areas, and upgrade signage. The asset will be renamed Valencia Grove Apartments.
Within the next 24 months, Wilson and Franco want to invest in markets with high job growth, such as Austin, Corpus Christi, Houston and San Antonio in Texas, and Orlando and Tampa, FL.
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