Multifamily, mixed-use Houston development sells for $182M

Thor Equities sells Upper Kirby asset to Fowler Property

National /
Jan.January 04, 2022 01:47 PM
Multifamily, mixed-use Houston development sells for $182M

3200 Kirby Drive, Houston (Loopnet)

New owners have arrived in a swank Houston neighborhood, and they’re throwing around some cash.

Thor Equities sold a high-end development in Houston’s Upper Kirby district to Fowler Property Acquisitions for $182M in October, the Houston Chronicle reported. The San-Francisco-based buyer changed the name of the property at 3200 Kirby Drive from Kirby Collection to Arrive Kirby.

New York-based Thor Equities developed the property, completing it in 2017. Its elliptical, 25-story residential tower has 199 apartments, and two additional buildings have 182,000 square feet of office space and 61,000 square feet of retail space. It was designed by Richard Keating Architecture, based in Los Angeles.

Fowler plans a $7.6 million renovation of the property, starting in the first quarter. Trinity Property Consultants will oversee the improvements. Arrive Upper Kirby will be part of its portfolio of Arrive Luxury Communities. Brandy Clark, Trinity Property’s senior vice-president, pointed out that the development’s blend of fairly new mixed-use, multifamily construction in the sought-after Upper Kirby commercial district offered buyers a rare opportunity.

Thor said the office space is fully leased, the apartments are 91 percent occupied and the retail occupancy is at 87 percent.

Hancock Whitney Bank, Novum Energy, Lukoil, Regency Centers, the Alexander Group and PROS software company are office tenants in the complex. Pinstripes restaurant and entertainment venue is the retail anchor.

Fowler owns two other Houston properties with the same brand, Arrive River Oaks and Shops at Arrive River Oaks. The company acquired, renamed and renovated what was then called the West Ave, an apartment, office and retail development at Kirby Drive and Westheimer Road, in 2018.

Demand for apartments in Houston is high right now. ApartmentData.com reported in December that rents there rose 15.8 percent in the past year. And with multifamily investment in high demand, New York-based Kushner Properties recently made its first foray into Houston with a $200 million deal for a portfolio of apartment buildings.

[Houston Chronicle] — Cindy Widner





    Related Articles

    arrow_forward_ios
    Equity Group Investments chairman Sam Zell (Getty, iStock)
    Office market’s recovery will outpace retail amid “viability” questions, Zell says
    Office market’s recovery will outpace retail amid “viability” questions, Zell says
    (iStock)
    CRE sales hit record $809B in 2021
    CRE sales hit record $809B in 2021
    Steven Pozycki, chief executive officer, SJP Properties, in front of 111 River Street in Hoboken, NJ (SJP Properties, LoopNet, iStock)
    SJP, David Werner buy waterfront Hoboken office, retail property
    SJP, David Werner buy waterfront Hoboken office, retail property
    SUNY WCC President Belinda Miles and the Cross County Center in Yonkers (Great Ink Communications/Marx Realty)
    College leases 40K sf at ex-Sears in Yonkers
    College leases 40K sf at ex-Sears in Yonkers
    Meridian Capital’s Ralph Herzka with 165 Central Avenue, 198 Scholes Street, 11 Gunther Place in Brooklyn (Getty, Google Maps, Apartments)
    Meridian Capital could get exclusive on All Year’s $1B portfolio
    Meridian Capital could get exclusive on All Year’s $1B portfolio
    Southampton Town supervisor Jay Schneiderman (jayschneiderman.com, Google Maps)
    Southampton Town considers buying 40 acres
    Southampton Town considers buying 40 acres
    Alan Feldman, chief executive officer, president & chairman of the board, Resource REIT; Stephen Schwarzman, chairman, ceo & co-founder, Blackstone (Resource REIT, Getty Images, 1000 Spalding Apartment Homes)
    Blackstone to pay $3.7B for REIT in latest rental push
    Blackstone to pay $3.7B for REIT in latest rental push
    360 Kingsland Avenue in Greenpoint, Brooklyn (Google)
    Sitex Group pays $30M for Greenpoint industrial property
    Sitex Group pays $30M for Greenpoint industrial property
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...