Cushman & Wakefield Aids Nicholas Residential Expansion into Houston Market with Acquisition of 2,115-unit Multifamily Portfolio

Cushman & Wakefield assisted Nicholas Residential, a Dallas-based real estate investment firm, in the acquisition of 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 purchase closed Nov. 9, and the seller was Hudson Advisors. The amount of equity was undisclosed.

The six multifamily properties are located throughout the fast-growing outskirts of Houston, 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.

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 Sugarland. 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.”

“We’re thrilled about the closing, and we’re honored to have played a part in the Nicholas Residential growth story,” 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 LLC is a privately-held real estate investment firm headquartered in Dallas. The company seeks to invest alongside institutional and private clients in value-add and opportunistic affordable apartment communities across the Southwest.

 

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

2018-12-06T12:03:51+00:00 December 6th, 2018|In the News, Press Release|