Investment, residency opportunity opens in US through Houston EB5 project

Time is now and the opportunity is there for investment and residency in the United States of America for investors interested in investing in a luxury apartment complex in downtown Houston called Block 384 through Houston EB5.

Block 384 is located in Houston Texas, which is one of USA’s most desirable real estate markets. According to Houston EB5, a real estate investment company, investing in this project which holds promise for high return on investment will qualify investors for permanent residency in the USA.

This offer is coming on the heels of the success recorded by Houston EB5’s newest real estate project called Astoria, a $70 million residential tower near the Houston Galleria. The project tapped into a federal programme that targets wealthy foreigners whose investment amounted to $30 million of the total cost of the project and the inherent 100 percent success rate so far on I526 Green Card approvals.

Acho Azuike, managing director, Houston EB5 Regional Centre, notes in a statement obtained by BusinessDay that majority of the investors that subscribed to their previous projects were from Mexico and Latin American countries with Nigeria close 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.

3Invest, one of Africa’s leading real estate brands with technology-driven innovations that are changing the way real estate organisations operate in this 21st century, is Houston EB5 project’s industry partner in Nigeria.

Ruth Obih, 3Invest CEO, says given that real estate investments remain much safer in nature than typical business investments, coupled with Houston’s strong economic environment, subscribers to the Houston EB5’s Block 384 project can expect reliable and timely return on their investment.

“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 family without the usual roadblocks or red tape associated with the immigration process,” she assures.

This new project, which will be at an investment level of $500,000, has made Randall Davis, a Houston luxury condominium developer, and his partner in Houston EB5, Roberto Contreras, a Mexico City native and Houston entrepreneur, excited about the development of the 240-unit, eight-storey Block 384 luxury apartment after starting the construction on the Astoria building, a 30-storey condo tower on Post Oak Boulevard.

Thirty investors from countries in Latin America, Africa, Europe and Asia invested $1 million apiece in the EB-5 Regional Centre, 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 US.

“Astoria was really made possible, thanks to these foreign investors, because why there are not more condominium projects is that it’s very hard to finance them; banks love to finance apartments, but don’t love to finance condominiums. The EB5 programme has allowed us to complete more projects in the Houston area and we look forward to expanding our investor-reach in countries like Nigeria and Vietnam,” Contreras said.

Chuka Uroko