Newport Real Estate Makes Houston Purchase
- Feb 03, 2020
Newport Real Estate Group has acquired Haven at Louetta, a 150-unit community in the Houston suburb of Spring, Texas, according to Yardi Matrix data. Guefen Development sold the Class B asset after refinancing it last February. Benefit Street Partners provided the buyer with a $15.5 million loan due to mature in 2023.
Haven at Louetta consists of five three-story buildings sitting on 7 acres at 20330 Whitewood Drive. The 2018-completed asset offers one- and two-bedroom apartments averaging 852 square feet. Amenities include a swimming pool, fitness center, business center and clubhouse. The property was 82.6 percent occupied as of December, Yardi Matrix shows. Located some 22 miles north of downtown Houston, the community is near Interstate 45, across the road from a Walmart.
In March, Guefen Development, together with joint venture partner The Rainier Cos., sold another Houston community. The 282-unit multifamily property was also completed in 2018.