High street

Joint Venture Development

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Summary

  • Acquisition Date – January 2008

  • Location – Houston, TX

  • Value-Add Opportunity – Joint Venture

  • Development Size – 332,000 sq. ft. (340 Class A Units, 26,000 retail sq. ft.)

Opportunity

  • Underutilized (former Ford dealership) 6.25 acre site in supply-constrained River Oaks district.

  • Excellent location with significant frontage on Westheimer Road in Houston’s most desirable retail sub-market situated between the Galleria and Highland Village inside the 610 loop.

  • Strong demographics (5-mile population of 441,000 and avg. household income of $85,417)

Value Added

  • “First mover” advantage-beating competitive multi-family development projects to the market

  • Quality development partners with a skill set and track record well suited to the development

  • Stabilized occupancy realized

  • Converted long-term ground lease to fee interest by acquiring land from non-strategic owner on favorable terms