HOUSTON – (Realty News Report) – A major residential play is unfolding in the Post Oak Park area near Loop 610 with long-time multifamily developer Martin Fein Interests starting a new project.
Fein will break ground next month on a five- and six-story multifamily rental project at the northeast corner of Post Oak Park Drive and River Hollow Lane. The 3.4-acre site is one block east of Loop 610.
The land was acquired from an investment group affiliated with South Asian investors for more than $19 million. JLL’s Simmi Jaggi and Elizabeth Clampitt represented the seller.
At one time the entire parcel was the site of a multifamily development that has been demolished.
The 304-unit Fein apartment project, designed by the Steinberg Dickey Collaborative, will be complete in the fourth quarter of 2020.
“We are excited to move forward on our new development in Houston’s Uptown neighborhood,” said Daniel Fein, Fein’s vice president of development. “We wanted to provide our residents the conveniences of living nearby the best of what Houston has to offer, and we feel we have achieved this goal given the project’s easy access to Memorial Park, Uptown Park, the new Post Oak Boulevard expansion, and the best of Uptown’s high-end shopping and fine restaurants.”
The apartments, called Reverie at River Hollow, will feature studio, one-, two- and three-bedroom homes ranging from 558 SF to 1,996 SF. Interior design is by Moore Design Group of Dallas.
Equity financing was arranged by CBRE’s Hal Holliday, a veteran financier who co-founded Holliday Fenoglio Fowler. The equity lender is Eagle Realty Group. Construction financing is by Comerica Bank and Trustmark Bank.
JLL’s Chris Bergmann represented Fein, which has developed 12,000 units since it was founded in 1989. Westchase Construction Ltd., an affiliate of Fein, is the general contractor for the Reverie project.