A United States property developer, Houston EB5, is offering Nigerian investors and residency seekers the opportunity to realize their dreams faster by investing in its latest project called The Frederick.
The developer, in partnership with 3invest Limited, its African representative, launched the new project also known as ‘priority processing investment’ in Lagos, Nigeria recently. The project is located in Fredericksburg between Austin and San Antonio.
It is an investment made in an area designated as rural and facing high unemployment. It sits on 22 acres (89,030 square meters).
The Frederick is a mixed-use facility that consists of 200 hotel rooms, 38 condominium units comprising one, two and three bedrooms, 220 for-rent apartments comprising one and two bedrooms, and 29,300 square feet of retail space.
Acho Azubuike, COO, of DC Partners, a real estate development firm in Houston, explained that the project was a rural one and something new that the US government started, explaining that the investment plan for the project was $800,000 of which investors could get their approval faster within 12 months.
According to him, Houston EB5 is collaborating with the United States Citizenship and Immigration Service for qualified investors in getting their green cards, adding, “the return on investment comprises 4 percent preferred return for three years, 2 percent profit sharing and 1-526E approval guarantee.”
Ruth Obih, CEO of 3Invest, explained that the EB5 programme was an investment one could make and get his money back with interest after approval has been made, adding that it was also an investment for migration into the U.S.
“It’s an investment for someone who has the money, and such money must be approvable, it must not be government-based money or fraud money,” she said, noting that attorneys would run a check on the potential investor to make sure the source of his funds is genuine.
She urged the Nigerian government to adopt the EB5 programme, saying that the programme was an employment-based visa. “For each investor, the U.S. government creates employment for 10 people. The programme was created by the U.S. government to increase and improve employment for U.S. citizens,” she said.
The Frederick aims to utilise the last remaining parcel of land on Mainstreet to meet the growing demand for hotel, residential and retail space in Fredericksburg. The development has been thoughtfully laid out to achieve an efficient, spacious and well amenities landmark. Each component will have a distinct design to match the architectural style of different areas in Fredericksburg.