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

Thor Equities sells Upper Kirby asset to Fowler Property

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.

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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

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Commercial Real EstateMixed-use