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Reverie at River Hollow: Multifamily Mid-Rise by Martin Fein


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I just heard from a co-worker that all 112 units have been sold to a foreign investor. It's approximately 3.5 acres and it will be highrises. I don't know how to add a photo or I would. The last MLS sale in there was www.har.com/44634356. The homeowners have 60 days to move out.

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I was told by a resident that the entire property has sold to an Indian investor. She said they have 60 days to move out and that it will be developed into high rises. I am trying to get more info.

 

Perhaps I don't have the latest details but I see Phase II sold, Phase I still for sale. Perhaps the information is so new that I don't see the latest information.

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Confirmed by the HBJ:

 

Last month, an anonymous overseas investor bought the 5.4-acre property, according to Elizabeth Clampitt, CBRE’s senior associate of land services. The purchase price was not disclosed.

 

The investor is still finalizing plans for the site, Clampitt said. However, Clampitt said she imagines the investor intends to demolish the townhomes and build a new project.

http://www.bizjournals.com/houston/morning_call/2014/09/foreign-investor-purchases-galleria-area-townhomes.html

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Some information on this from a traffic analysis conducted in Feb. 2015.

 

The project includes 150 hotel units, 50 hotel resident condominiums, 250 apartment units, and 325 condominium units to be constructed on a 5.4 acre lot that previously contained a 102 unit townhome development. The proposed development’s estimated duration of full build-out conditions has not been determined at this point.

 

26838539574_067265a4cc_o.png

 

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https://www.govinfo.gov/content/pkg/USCOURTS-txsb-4_17-bk-35614/pdf/USCOURTS-txsb-4_17-bk-35614-0.pdf

 

MF1 intends to develop the Property as a luxury apartment complex. This particular complex will cost$60 to $70 million to construct and will be a medium-rise building comprising approximately 300 units. Development of luxury apartment complexes of this type and size is in the ordinary course of MF1's business.

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3 hours ago, Urbannizer said:

 

Might as well be in the middle of the suburbs. There's nothing over there.

 

Another example of Houston getting the density with none of the benefits.

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Permit for construction issued 

 

Project No: 18066683
Date : 2018/11/16 00:00:00
USE : 259,475 SQ FT NEW APARTMENTS 1-5-2-R2-A
Owner/Occupant : *POST OAK PARK
Job Address : 1317 POST OAK PARK DR BLD1B 77027
Valuation : $ 26,989,020
Permit Type : 13
FCC Group : Apartments
Buyer : *CAMERON ANDERSON-WESTCHASE CO
Address : 1400 POST OAK BLVD 500 77056
Phone : (713) 683-4817

 

http://www.cohtora.houstontx.gov/ibi_apps/WFServlet.ibfs?IBIF_webapp=/ibi_apps&IBIC_server=EDASERVE&IBIWF_msgviewer=OFF&IBIAPP_app=soldpermits&IBIF_ex=sold_permit_d&CLICKED_ON=&PN=18066683&PT=13

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  • Highrise Tower changed the title to Reverie at River Hollow: Multifamily Mid-Rise by Martin Fein

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