River Oaks Luxury Multifamily Tower Lands $128.5M Acquisition Financing
Sade Real Estate locked down $128.5M in acquisition financing for The Arno, a luxury multifamily complex near Houston’s River Oaks neighborhood that was formerly known as 2929 Weslayan.
Walker & Dunlop announced Monday that it arranged financing from global alternative asset manager Hudson Bay Capital for the 168-unit complex at 2929 Weslayan St., between River Oaks and Greenway Plaza.
The sale of the 40-story tower closed May 12, according to the Houston Business Journal.
Walker & Dunlop Capital Markets’ institutional advisory team — including Sean Reimer, Aaron Appel, Jonathan Shwartz, Keith Kurland, Adam Schwartz, Dustin Stolly and Sean Bastian — arranged the financing.
“The property’s scale, luxury positioning, and highly curated amenity package align with the evolving preferences of affluent buyers seeking privacy, convenience, and a hospitality-driven residential experience within one of Houston’s most established neighborhoods,” Reimer said in a release.
The Arno is within walking distance of Central Market and Highland Village.
River Oaks, Houston’s first master-planned community, is the most expensive residential neighborhood in Houston. Directly adjacent to The Galleria, it is defined by luxury living, retail and restaurants.
“The combination of River Oaks’ long-term fundamentals, Houston’s continued population growth, and highly selective development activity continues to reinforce the neighborhood’s exclusivity and long-term value,” Yoni Sade, chairman and CEO of Sade Real Estate Services, said in the release.
The Everlight Group announced plans in February to develop a River Oaks wellness-focused 11-story luxury condo tower called Ace & Ivy, which is expected to break ground next year.
CORRECTION, MAY 20, 9:50 A.M. CT: A previous version of this article contained inaccurate information about financing being used for a new multifamily development. The article has been updated.
