Haven at Louetta Haven atLouetta is near the Exxon-Mobile campus on 7.1 acres at 20330Whitewood Dr.

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SPRING, TX—Developed in 2018, Haven at Louetta has 150 unitswith an additional 30 units to be developed during the next 36months. Houston-based Newport Real Estate Partners LLC recentlyacquired the multifamily asset in northwest Houston for anundisclosed price. The seller was an entity of GuefenDevelopment.

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"We acquired this class-A asset off-market and are planning toadd value by leasing up the remaining vacancy, as well asdeveloping the final shovel-ready 25,500-square-foot residentialbuilding which includes 30 additional units," said Matt Wilson,co-founder and principal with Newport Real Estate Partners, whichwas founded last year.

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Jack Franco, Newport co-founder and principal, spoke ofadditional plans for enhancing the property. "We are planning toimmediately embark on a rebranding program that includes renamingthe asset to Park45, and implementing a proactive andresident-focused management and leasing program to meet the demandsof local renters. Other strategic planned improvements includeadding smart home technology in all the apartments, institutingproperty events to build a sense of community, installing newlandscaping and adding a business center within the leasingbuilding in addition to making other key aestheticimprovements."

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Located on 7.1 acres at 20330 Whitewood Dr., Haven at Louetta islocated just off of Interstate 45, eight miles north of downtownHouston near the Exxon-Mobile campus with more than 9,000employees. The northwest Houston submarket continues to experiencecontinued population growth as large employers such as Daikin,Amazon and ExxonMobil have made moves to the area.

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The community features a clubhouse, swimming pool, poolsidegrilling area, dog park and a fitness center. The unit mix includes90 one-bedroom units and 60 two-bedroom units which include privatebalconies or patios, walk-in closets, and high-end appliances.

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This marks Newport's second acquisition in the Houston MSAduring the past two months. The first was The Fountains at theBayou, a 460-unit apartment community in Houston. During the next24 months, Newport is seeking to invest approximately $150 millionin apartment assets ranging from $15 million to $40 million inmarkets with high job growth including Houston, Austin, SanAntonio, and Corpus Christi, as well as Tampa and Orlando.

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"This deal was brought our group by Zach Springer, vice chairmanof Newmark Knight Frank, knowing Newport aggressively pursuesvalue-add multifamily assets in this market," Wilson tellsGlobeSt.com. "The entry basis was very attractive for new productand its proximity to The Woodlands and Houston proper continues toelevate rents in the local submarket."

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Strong household formation remains a primary catalyst forabsorption, particularly in western and northern suburbs andthroughout the urban core of Houston, where vacancy rates havegenerally been pushed well below the market reading, according to areport by Marcus & Millichap. Metrowide, Houston added morethan 47,000 new households in 2019, the second highest total in thenation. This continues to compress apartment availability acrossthe board as vacancy rates for all asset classes registereddecreases of at least 40 basis points in 2019.

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.