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Firm brings US real estate market to Nigeria

Houston EB5, a real estate investment company, has said it is offering potential Nigerian investors the opportunity to stake their money on real estate developments in Houston, Texas in the United States.

According to the firm’s partner in Nigeria, 3Invest Limited, the investment will include a luxury apartment complex in Downtown Houston, called Block 384, and permanent residency in the US through the EB-5 programme for investors.
The Chief Executive Officer, 3Invest, Ms. Ruth Obih, said the company had stated raising funds for the project.
She said, “This new project, which will be at an investment level of $500,000, has Randall Davis, a Houston-based luxury condominium developer and his partner in Houston EB5, Mexico City native and Houston entrepreneur, Roberto Contreras, excited about the development of the 240-unit, eight story Block 384 luxury apartment after starting the construction on the Astoria building, a 30-story condo tower on Post Oak Boulevard.
“Thirty investors from countries in Latin America, Africa, Europe and Asia invested $1m apiece in the EB-5 Regional Center, a company set up to raise money from foreign investors for a job-creating commercial enterprise. In return, the investors can become lawful permanent residents of the United States.”
She added that Astoria was made possible through foreign investors and that the conveners wished to expand the investor reach in countries, including Nigeria and Vietnam
The Managing Director of Houston EB5 Regional Center, Mr. Acho Azuike, said the majority of the investors in Houston EB5 who had subscribed for previous projects were from Mexico and other Latin American countries, with Nigeria closely behind.
“For future projects, we plan to attract more investors from Nigeria because Nigerians are already familiar with the Houston area, and we now have a track record of success because of our Astoria project,” he said.
According to him, the EB5 investment programme is administered by the US Citizens Immigration Services under the Department of Homeland Security.
“It allows investors who make a qualified investment to fast-track permanent legal residency in the United States for themselves and their immediate families without the usual roadblocks or red tape associated with the immigration process,” Azuike added.
Copyright PUNCH.
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