NewQuest Launches Quest for Apartments, Market briefs

In Houston, NewQuest Properties, through an affiliate called NewQuest Residential, plans to build its first apartment project, a 294-unit multifamily development in Fort Bend County.

The $65 million apartment project will bring a residential element to NewQuest’s 475,000-SF Grand at Aliana, a multi-use development with retail, dining and medical space.

“The Grand at Aliana is the first in a string of apartment projects in our pipeline,” said John Leonard, development partner and principal of Houston-based NewQuest Residential.

Designed by Humphreys & Partners of Dallas, the apartments will be positioned on 11 acres at the intersection of West Aliana Trace Drive and Fairbairn Way, directly across the street from the new Malala Yousafzai Elementary School.

“We are pleased to be officially starting our first multifamily project with NewQuest Residential. It is the realization of our efforts to create all-inclusive multi-use developments and expand our scope of services,” says Steven D. Alvis, co-founder and managing partner of NewQuest Properties.

Alvis started Quest Properties in 1985 as the savings and loan meltdown began, and sold troubled real estate properties, known as REO, from failed financial institutions. At that time, he amassed his own portfolio of 40 properties. In 2001, he partnered with Jay Sears to develop grocery-anchored retail centers. NewQuest has developed 15 million SF in a $2 billion portfolio.

Earlier this month, Houston-based McNair Interests, founded by the late Houston Texans owner Bob McNair, started work on 221-unit multifamily project in west Houston. The McNair site is located on Deerwood Road at 400 West Sam Houston Parkway South in the Westchase District.