Newport Real Estate Acquires Fountains at the Bayou Apartment Community in Houston for $27.1M
HOUSTON — Newport Real Estate Partners, a newly formed investment firm focused on value-add multifamily properties, has acquired The Fountains at the Bayou, a 460-unit community in Houston. Houston-based investment firm Nitya Capital sold the property in an off-market transaction for $27.1 million. Built on eight acres in 1969, the property spans 31 buildings and features amenities such as a pool, clubhouse and playground areas. Newport’s two-year value-add program will center on renovating amenity spaces, upgrading landscaping and signage and rebranding the community as Valencia Grove Apartments.