Case Study

The River Oaks

Situation

This stunning collection of homes had inauspicious beginnings. The original building was an aged apartment complex that had fallen into disrepair and was reviled by the neighborhood and being slammed in the press. Initially the developer planned to renovate the apartments, but our analysis showed a condo strategy to be more promising. The rehab of the building soon ran into cost overruns due to unforeseen issues and a general contractor with no experience in luxury properties.

Client: Arel Capital

Strategy

79 homes starting at $1 million

We took measures to address all project challenges, including its public image. We changed the physical address to distinguish the property from its predecessor. We promoted the value of redevelopment over teardown. We also addressed some of the original building’s architectural limitations by moving glass to the outside of the slab to increase living space and describing the 9-foot ceilings as period appropriate.

Results

The concept for the new property has shifted public perception. It has elevated prices to an average $700 per square foot and is claiming its rightful place as a luxury addition to Houston’s legendary River Oaks neighborhood.

Theriveroaks 2
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General Information

Number of Units:
78
Owner Type:
Condo
Number of Floors:
18
Number of Penthouses:
2
Year Built:
2016
Parking:
Garage
Valet Parking:
Yes