Holliday Fenoglio Fowler, L.P. (HFF) announces capitalization of Hanover River Oaks, a to-be-built, 39-story, luxury high-rise multi-housing tower in Houston’s Upper Kirby district.
HFF worked exclusively on behalf of Hanover Company and institutional investors advised by J.P. Morgan Asset Management to capitalize the equity and construction financing for the development of the project.
Hanover River Oaks will consist of 370 residential units with nearly 10,000 square feet of ground-floor retail constructed on a 1.6-acre site at 2930 Kirby Drive. Situated in the heart of the prestigious River Oaks neighborhood, the iconic tower will provide a true live-work-play experience for residents. Units will average 1,172 square feet with luxury finishes, including stainless steel appliances, stone countertops, kitchen islands and pantries, garden tubs, walk-in closets, computer niches and/or dry bars, floor-to-ceiling windows, and faux wood and tile flooring throughout. Property amenities will include a rooftop pool with sunbeds and poolside cabanas, outdoor grilling and dining stations, 24-hour fitness club, clubhouse with lounge seating, catering kitchen with private dining room, private theater, landscaped garden courtyard, water wall garden, pet washing station, 24-hour concierge, controlled-access parking garage and panoramic city views. The project broke ground in December 2017 with the first units expected in the first quarter of 2020.
The HFF team representing Hanover included managing director Cortney Cole, executive managing director Scott Galloway and director Dustin Selzer.
About Hanover Company
Hanover Company, located in Houston, Texas, stands among the most active private real estate companies in the United States, specializing in the acquisition, development and management of high-quality multifamily residential properties nationwide. With over three decades of experience, Hanover is a vertically integrated company with acquisitions, development, construction, property management and asset management departments strategically focused on garden-style, mixed-use, high-density wood frame and high-rise projects. To date, Hanover's award-winning project mix totals nearly 54,000 units across the country and more than $11.18 billion in project costs. U.S. markets include Atlanta, Austin, Baltimore, Boston, Charlotte, Dallas, Denver, Houston, Los Angeles, Philadelphia, Phoenix, San Diego, San Francisco and Washington, D.C.
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than $125 billion in assets under management and over 800 professionals (as of September 30, 2017), J.P. Morgan Global Alternatives offers strategies across the alternative investment spectrum, including real estate, private equity and credit, infrastructure, transportation, liquid alternatives and hedge funds. Operating from 23 offices throughout the Americas, Europe and Asia Pacific, J.P. Morgan Global Alternatives’ independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information: www.jpmorganassetmanagement.com.
HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.