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Fowler Property Acquisitions has purchased Upper Kirby mixed-use project The Kirby Collection.
The 290K SF development at 3200 Kirby Drive, which includes residential, office and retail, will be renamed Arrive Upper Kirby. Its previous owner was Thor Equities.
The purchase closed on Oct. 26, 2021, for $182M, or $425K per residential unit and $400 per SF of commercial space. The property includes a 25-story, 199-unit residential tower, a 13-story, 182K SF office building, and 61K SF of retail.
“This was a rare opportunity to acquire a relatively new construction multifamily, mixed use asset in the highly sought-after Upper Kirby commercial district at the epicenter of Houston,” Trinity Property Consultants Senior Vice President Brandy Clark said in a release. “Arrive Upper Kirby joins our portfolio of Arrive Luxury Communities.”
Trinity Property Consultants will spend $7.8M on property improvements that will break ground this quarter, including upgrades to its 1-acre deck, working with Redwood Construction. Arrive Upper Kirby is 91% leased for residential, 100% leased in office and 87% leased in retail.
The property was completed in 2018, and currently includes office tenants like cloud software company Pros Holding, Hancock Whitney Bank, Novum Energy Trading, Lukoil, The Alexander Group and Regency Centers. Retail tenants include dining and entertainment venue Pinstripes and Verandah, an Indian restaurant.
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