Fowler Property Acquisitions, a commercial real estate firm, has acquired the mixed-use development The Kirby Collection with plans to make amenity upgrades in 2022.
The company announced the deal in a Jan. 3 press release, adding that it renamed the development to Arrive Upper Kirby.
Fowler bought the property—which was built in 2018 at 3200 Kirby Drive, Houston—from Thor Equities. The deal includes a 25-story residential tower with 199 units along with a 13-story tower with 182,000 square feet of office space and 61,000 square feet of retail space, according to the press release.
“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,” said Brandy Clark, senior vice president of Trinity Property Consultants, which will manage the property.
Trinity plans to make $7.8 million in improvements to the property, according to the release, and has hired Redwood Construction carry out the work. Upgrades will be made to the site's 1-acre amenity deck, including landscaping, adding an outdoor fitness area, added seating in a green space on the 6th floor, installing a dog park and new pool furnishings.
Groundbreaking on the upgrades will start in the first quarter of 2022. The residences are 91% occupied; the offices are 100% leased; and retail is 87% leased.
Fowler has a headquarters in California but also runs a regional office in Dallas, according to the company's website.
