NEWPORT, Ky. — Newport on the Levee will soon be under new ownership after the completion of an acquisition by global real estate firm Jamestown.
Jamestown announced on Tuesday it was acquiring the Atlanta subsidiary of Cincinnati-based Northern American Properties. That Atlanta subsidiary manages $2 billion in assets comprised of real estate and mixed-use properties across the eastern US — including Newport on the Levee.
According to the announcement, "as part of the transaction, a Jamestown affiliate will make an investment in the platform's portfolio."
The acquisition is estimated to close by the fourth quarter of 2024, according to Jamestown's announcement. From there, that Atlanta-based subsidiary of NAP will operate under the Jamestown name, the announcement says.
Cincinnati-based NAP will still continue to own and operate real estate through other affiliates — only the Atlanta-based affiliate is being acquired by Jamestown, according to the announcement.
"Since we founded the Atlanta office 28 years ago, the team has built a great platform for the communities and partners it serves," said Tom Williams, CEO of North American Properties, in the press release. "Finding a like-minded partner in Jamestown is a great outcome for our people and we look forward to continuing to invest in real estate alongside them."
The announcement does not detail any plans for any of the properties involved in the acquisition, including the Levee, but Jamestown's CEO Matt Bronfman said the company plans to "continue to scale its vertically integrated platform and mixed-use expertise to more markets" while being the best mixed-use investor and operator in the world.
North American Properties bought Newport on the Levee at the end of 2018. After closing on the sale, the business announced it planned to invest more than $100 million into the mixed-use property along the Ohio River.
As a Cincinnati-based company, we are dedicated to investing in the region and are committed to elevating the entire Newport on the Levee experience for the local community," read a written statement from Williams in 2018. "Newport on the Levee is a regional landmark and we are proud to bring our local ownership and passion to the re-imagination of a truly irreplaceable property."
The Levee did undergo significant renovations under North American Properties, including added turfed areas, seating and food and drink options, including the addition of The Galley, a food hall containing multiple eateries under one roof.
Watch Live:
