HOUSTON – (Realty News Report) – Construction started on Hanover River Oaks, a 39-story apartment project on a 1.6-acre site on Kirby Drive, according to HFF.
HFF worked on behalf of the project’s developer, Houston-based Hanover Co. and institutional investors advised by J.P. Morgan Asset Management to capitalize the equity and construction financing for the development of the project.
The 370-unit Hanover River Oaks will have 10,000 SF of ground-floor retail. The site is on the west side of Kirby at Steel Street, between Westheimer and West Alabama.
Units will average 1,172 SF. The project broke ground in December and the first units are expected to open in the first quarter of 2020.
The HFF team representing Houston-based Hanover included managing director Cortney Cole, executive managing director Scott Galloway and director Dustin Selzer.
The Inner Loop of Houston, where this new Hanover project is located, has been one of the softer markets for Houston multifamily. Hurricane Harvey tightened up the market as people displaced by the storm rented apartments in droves.
Hanover’s Kirby Drive is adjacent to a parcel mentioned as a new grocery. The Houston Chronicle’s Chron.com website reported on Aug. 8 that H-E-B has contracted to buy a site at the northwest corner of West Alabama and Kirby, even though the company already has stores in the area and owns a nearby undeveloped site near the intersection of Shepherd and Richmond. The no-byline Chronicle report on the proposed Kirby Drive site, which is across the street from Whole Foods Market, was not verified by Realty News Report.
Jan. 5, 2018 Realty News Report Copyright 2018