HOUSTON – (Realty News Report) – West Ave, a mixed-use project at the key intersection of Kirby and Westheimer in the Upper Kirby District of Houston, has been acquired by California-based FPA Multifamily.
Developed by Atlanta-based Gables Residential, West Ave opened about 10 years ago. The seven-story development, designed by Looney Ricks Kiss, has 194,000 SF of retail and 397 apartments.
The property, which had been controlled by Northwestern Mutual Life Insurance Co., will be renovated and branded with the “Arrive” brand. The shopping center will be the Shops at Arrive, and the apartment community is Arrive River Oaks.
FPA , San Francisco based firm led by Greg Fowler, purchased the property, and exclusively affiliates with Trinity Property Consultants for multifamily property management. Other partners include Red Tail Acquisitions which will oversee commercial management and Redwood Construction which will oversee development and construction.
The mixed property is located at one of Houston’s most noted intersections, on the southwest corner of Westheimer and Kirby. Retail tenants include Tootsies, Milk & Honey, SAP and Eddie V’s Prime Seafood.
Upgrades will include an improved dog park, expanded fitness center, and enhancements to the pool area for the residences and new exterior paint and improvements to the garage and parking overall. The renovations will occur in phases across the property to minimize any disruptions.
A few weeks ago, FPA Multifamily bought a pair of loft buildings with a total of 120 units on Stout Street in downtown Denver for $32.5 million.