River Oaks Luxury Multifamily Project Lands $128.5M Financing
Sade Real Estate has locked down $128.5M in acquisition and development financing for The Arno, a luxury multifamily project it is planning in Houston’s River Oaks neighborhood.
Walker & Dunlop announced Monday that it arranged financing from global alternative asset manager Hudson Bay Capital for the 168-unit project, which is planned at 2929 Weslayan St., within walking distance of River Oaks Shopping Center.
Development is expected to begin sometime this year, according to the Commercial Observer.
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.
In addition to River Oaks Shopping Center, The Arno will be 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.
Other residential developers are also taking note. 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.
