Houston-based commercial developer, owner and operator NewQuest Properties is expanding its reach into multifamily residential development with the launch of a new division led by industry veteran John Leonard. 

NewQuest presently develops, owns and manages over 12 million square feet of commercial space in the Houston area, including offices, restaurants, retail and shopping centers, as well as land holdings. While the company has invested in multifamily in the past, this new division marks its first move into multifamily development, according to co-founder and managing principal Steve Alvis. 

"Now is the perfect time for us to expand our in-house capabilities and John is the right person to lead that charge," Alvis said in a press release. "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."

In his role as leader of multifamily development, Leonard will assemble the new multifamily division, with the goal of expanding the company's in-house development capabilities. The company has identified a number of redevelopment opportunities in its existing commercial portfolio, and the initial focus of the multifamily division will be the conversion of some of these properties into mixed-use residential.

Leonard has over three decades of experience in property and development, and most recently served as the senior vice president and CFO of Houston-based multifamily developer Sueba USA Corp. He has closed more than $3 billion in real estate transactions over the course of his career, including investment acquisitions, dispositions and debt and equity capitalizations, according to the release. 

He is also a licensed CPA and real estate broker, and serves on the boards of the Katy Area Economic Development Council and Fort Bend Economic Development Council, according to the company's website.

"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 said in the press release. "I am excited to join the firm and lead this expansion."