AmREIT Deal is Done: Edens' Plans for Houston
Edens Investment Trust’s acquisition of AmREIT is now complete, and we can expect the firm to aggressively grow in Houston, CEO Terry Brown tells us. That’ll be primarily accomplished through acquisitions (mostly in urban/high-density areas) with a heavy focus on redeveloping centers. That’s a perfect fit for Uptown Park, where AmREIT had announced a major undertaking to increase density and add hotel and multifamily uses. But Edens won’t be picking up right where AmREIT left off, Terry tells us—his team is very early on in the process of replanning what that site will look like and what its timeline will be.
Uptown Park is one of the most unique pieces of real estate in Edens’ portfolio, Terry says, and one of the most dynamic sites in Houston. Its redevelopment will be a deliberate, long-term project, and the team will focus on something that makes the community better. (Edens prides itself on its community involvement.) But while that property will change, the faces you’re used to working with and the corporate culture will remain mostly the same—three of the five AmREIT senior execs joined Edens, and Chad Braun will run the company’s Texas operations.