Dallas Firm Picks Up 6 Apartments In Houston Expansion
Dallas-based real estate investment firm Nicholas Residential has leapt back into the Houston market with the acquisition of the Beltway Portfolio, a collection of six multifamily assets. The 2,115-unit portfolio sale, from seller Hudson Advisors, closed Nov. 9.
All of the properties are located in growing submarkets near Beltway 8. The apartments 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.
“We have been active in Houston in the past, but this was the right time to once again expand into the market,” Nicholas Residential President and CEO Paul Panza said in a release. “We are 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.”
Securing the Beltway Portfolio aligns with the company's investment strategy, he said. The Houston economy has become more diverse and experienced a strong recovery post-Hurricane Harvey, which tightened the Class-B multifamily market.
“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,” Panza said.
Nicholas Residential seeks to invest alongside institutional and private clients in value-add and opportunistic affordable apartment communities across the Southwest. Cushman & Wakefield’s Justin Shuart and Jason Pumpelly brokered the deal for Nicholas.