HOUSTON – NewQuest Properties is broadening its development capabilities by launching a multifamily residential division with the hiring of John Leonard, an industry veteran with three decades of experience in the property sector.

Leonard will assemble and lead the new division for NewQuest, a neighborhood essential and mixed-use developer, investor and full-service brokerage and management company. 

"NewQuest has been an investor in the multifamily space. Now is the perfect time for us to expand our in-house capabilities and John is the right person to lead that charge," says Steve Alvis, managing principal and co-founder of NewQuest. "Our assets and developments are increasingly more mixed in their uses. The integration of multifamily residential into our projects is an area of focus going into the future to enhance value for all stakeholders."

NewQuest owns and manages more than 12 million sf of mixed-use and neighborhood essential centers, many of which have excess land and redevelopment opportunities that will serve as the focus for the newly created multifamily division.  

"NewQuest has the resources, knowledge and power to successfully enter this property sector. It is well-positioned to take advantage of the strong demand in the multifamily market, particularly with its exceptional land positions," Leonard says. "I am excited to join the firm and lead this expansion."

Leonard most recently was senior vice president and CFO of Sueba USA Corp., where he was marking his 30^th year. During his career, he has closed more than $3 billion of commercial real estate transactions with complex capital structuring, debt and equity capitalizations, investment acquisitions and dispositions.

"The launch into multifamily development continues our plan for strategic, synergistic expansion and diversification of our investment and development platforms and service lines. We are excited about the future of NewQuest and kicking off this new venture with John," says Austin Alvis, NewQuest's president.