Landmark mixed-use asset in Houston, Texas trades to new owner

HOUSTON, March 1, 2024 – JLL Capital Markets announced today that it has closed the sale of River Oaks District, a landmark, 663,408-square-foot, luxury mixed-use asset located in Houston, Texas. The property includes 302,668 square feet of luxury retail, 279 premier apartment units and 67,060 square feet of jewel-box office space.

JLL represented the seller in this transaction and procured the buyer, Fertitta Entertainment, Inc.

The retail portion of River Oaks District is leased to luxury, and modern contemporary brands with a vibrant mix of food and beverage and service-oriented tenancy. Retailers include Hermes, Cartier, Dior, Harry Winston, Van Cleef & Arpels, Brunello Cucinelli, and Balmain, as well as Le Colonial, Toulouse, Bari, Steak48, Little Hen, Equinox and IPIC.

The five-story Grey House Apartments serves as the upscale multi-housing component, offering units with wood flooring, stainless steel appliances, quartz countertops, custom European cabinetry, nine-foot ceilings and floor-to-ceiling windows. The property also offers residents resort-style pools and spas, clubhouses with modern décor, a full-service onsite concierge, an elegant screening room, conference rooms and a state-of-the-art fitness facility.

Situated at 4444 Westheimer Rd., in the heart of Houston, River Oaks District’s location provides visitors and residents connectivity throughout the Houston MSA with immediate access to Interstate 610 (263,000 VPD).  In addition, the property benefits from an affluent and robust population with an average household income of $158,600 and a population of over 200,000 within a three-mile radius.

The JLL Capital Markets team was led by Retail Group Co-Leader and Senior Managing Director Barry Brown. Brown, alongside Director Erin Lazarus, Senior Managing Directors Colby Mueck, Ryan West and Jeff Hollinden and Managing Director Dustin Selzer, advised in the transaction.

"Fertitta Entertainment is acquiring one of the most highly sought-after, trophy mixed-use assets in the U.S., and we are thrilled to have facilitated this transaction,” said Brown. “River Oaks District represents an exceptional investment opportunity with its prime location within Houston, as well as its premier luxury offerings. We congratulate Fertitta Entertainment on the acquisition of this distinguished property and look forward to see the continued evolution in the years to come."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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