The community features a clubhouse, swimming pool, poolside grilling area, dog park and a fitness center. The unit mix includes 90 one-bedroom units and 60 two-bedroom units which include private balconies or patios, walk-in closets, and high-end appliances.

This marks Newport's second acquisition in the Houston MSA during the past two months. The first was The Fountains at the Bayou, a 460-unit apartment community in Houston. During the next 24 months, Newport is seeking to invest approximately $150 million in apartment assets ranging from $15 million to $40 million in markets with high job growth including Houston, Austin, San Antonio, and Corpus Christi, as well as Tampa and Orlando.

"This deal was brought our group by Zach Springer, vice chairman of Newmark Knight Frank, knowing Newport aggressively pursues value-add multifamily assets in this market," Wilson tells GlobeSt.com. "The entry basis was very attractive for new product and its proximity to The Woodlands and Houston proper continues to elevate rents in the local submarket."

Strong household formation remains a primary catalyst for absorption, particularly in western and northern suburbs and throughout the urban core of Houston, where vacancy rates have generally been pushed well below the market reading, according to a report by Marcus & Millichap. Metrowide, Houston added more than 47,000 new households in 2019, the second highest total in the nation. This continues to compress apartment availability across the board as vacancy rates for all asset classes registered decreases of at least 40 basis points in 2019.