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February 22, 2020
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Newport Real Estate Partners Closes $27 Mil Buy of 460-Unit Texas Res Community

1/24/20

Newport Real Estate Partners LLC has purchased The Fountains at the Bayou, a 460-unit apartment community in Houston, for $27.125 mil ($59k/unit). The asset was acquired from Houston-based Nitya Capital in an off-market deal.

Built in 1969, the 31-building property is situated on eight acres at 11810 Algonquin Dr in Houston. It features a clubhouse, swimming pool, and playground areas. It is near downtown Houston, a few miles from the rapidly expanding Port of Houston, and is one mile from the expanded Hobby International Airport.

Newport’s business plan for the property includes spending $2 mil in capital for a major renovation of the leasing office, enhancing the landscaping and community areas, repairing deferred maintenance, and providing new signage and community branding, among other updates and enhancements. Also, the asset will be renamed Valencia Grove Apartments.

Newport Real Estate Partners is a newly launched real estate firm focused on the acquisition and repositioning of value-add multifamily properties. It is led by co-founders and principals Matt Wilson and Jack Franco, who bring with them a cumulative 20 years in the industry and more than $700 mil in apartment acquisitions and repositioning projects over the past decade.

Over the next 24 months, Newport is seeking to invest approximately $150 mil in apartment assets ranging from $15 mil to $40 mil in markets with high job growth, including Houston, Austin, San Antonio, and Corpus Christi, as well as Tampa and Orlando.




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