NewQuest’s residential arm to break ground on first apartment complex
July 20, 2023
A year and a half after its launch, Houston-based NewQuest Properties’ multifamily residential division will break ground on its first apartment complex.
NewQuest Residential said July 17 site work has been completed and vertical construction will start in late September on a $62 million, 294-unit apartment complex in The Grand at Aliana, a mixed-use development at the Grand Parkway and West Airport Boulevard in Fort Bend County.
The 475,000-square-foot retail center in Houston-based Airia Development Co.’s master-planned community Aliana is 99% leased, according to NewQuest.
“Clearly, the overall development is primed and ready for the multifamily component,” John Leonard, development partner and principal of NewQuest Residential, said in a statement.
The yet-to-be-named apartment complex is slated to be completed in June 2025. It was designed by Dallas-based Humphreys & Partners. NewQuest has not yet selected a general contractor.
The complex will include 11 two- and three-story buildings along with a clubhouse/leasing center on 11 acres on the corner of West Aliana Trace Drive and Fairbairn Way, across the street from Fort Bend Independent School District’s Malala Elementary School.
Units will range from studio to three bedrooms between 594 and 1,482 square feet and feature gourmet kitchens with quartz counters and stainless steel appliances; wireless-controlled entry locks; and wood-style flooring. Some units will include attached garages.
The complex will have a resort-style swimming pool, gym, business center with coworking spaces and conference room, event space, barbecue grills, an outdoor lounge with fire pits, and a dog park.
“Being part of the Grand at Aliana will make our project stand out from others in the submarket because of the amenities and quality that it adds for our future tenants,” said Doug Bergen, also a development partner and principal with NewQuest Residential. “Residential walkability is extremely high.”
NewQuest, which is known for its retail and mixed-use properties, announced the launch of its multifamily division in March 2022 and hired John Leonard, who was previously CFO at Sueba USA Corp., to lead it.
At the time, the company said the addition of multifamily development made sense as its assets are increasingly mixed-use projects.
“We are pleased to be officially starting our first multifamily project with NewQuest Residential,” Steve Alvis, NewQuest Properties’ managing principal and co-founder, said in a statement. “It is the realization of our efforts to create all-inclusive mixed-use developments and expand our scope of services.”
NewQuest did not respond to requests for an interview but said in a news release that it has more multifamily projects in the pipeline.
The developer broke ground on the 57-acre Grand at Aliana in 2019. Some of the retail center’s tenants include Ross, Petco, EOS Fitness, Salata, Olive Garden, Houston Methodist and a Baylor St. Luke’s Medical Group Primary Care and Convenient Care Clinic.
The 2,000-acre Aliana has more than 4,200 homes and is approaching full build-out, according to NewQuest.
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