The Chelsea Park apartments were part of a multifamily portfolio acquired by Nicholas Residential.
HOUSTON – (Realty News Report) – Nicholas Residential, a Dallas-based real estate investment firm, purchased the Beltway Portfolio, a collection of six multifamily properties located throughout the Houston area totaling 2,115 units.
Justin Shuart and Jason Pumpelly, with Cushman & Wakefield’s Equity, Debt and Structured Finance team in Dallas, arranged the equity on behalf of Nicholas Residential.
The seller was Hudson Advisors.
The six multifamily properties are located near Beltway 8 include Chelsea Park and Riviera Pines in Houston; South Grand at Pecan Grove and Country Club Place in Richmond; The Veridian in Webster, and Skyhawk in Friendswood.
Paul N. Panza, President and Chief Executive Officer of Nicholas Residential, said the acquisition reflects the company’s confidence in Houston’s long-term growth prospects.
“We’ve been active in Houston in the past, but this was the right time to once again expand into the market,” he said. “We’re confident in the viability and growth of the Houston housing market, particularly in and around Friendswood and Sugar Land. We see this as the first acquisition of many as we rebuild our Houston portfolio.”
Panza also said the Beltway Portfolio was an ideal fit for their investment strategy.
“Houston’s economy is becoming increasingly diverse, and it had a strong recovery from Hurricane Harvey, which tightened the Class B multifamily market,” he said. “This was a chance to not only create an opportunity for our investors but also a chance to provide affordable housing options to those in need.”
Shuart said: “Over the last several years, we’ve known Nicholas Residential to be an excellent operator and investment partner in North Texas, and we’re excited to see them expand into the Houston market.”
Nicholas Residential seeks to invest alongside institutional and private clients in value-add and opportunistic affordable apartment communities across the Southwest.
Dec. 5, 2018 Realty News Report Copyright 2018