June 13, 2016
New York-based JPMorgan Asset Management acquired a stake in River Oaks District, a luxury, mixed-use development in Houston, TX from Boston-based hedge fund Baupost Group for a reported $550 million. San Diego-based OliverMcMillan retains its ownership stake, as well as will play a management role in the partnership.
River Oaks District is a 14-acre, open-air, curated collection of high-end retail, dining, entertainment and living amenities that opened last year and is located inside the Houston Loop.
The transaction could set up the development’s future expansion phases. A second phase of the project was planned to include a 455,000-square-foot expansion with 190,000 square feet of office space, a 150,000-square-foot luxury hotel, 90,000 square feet of residential space and 25,000 square feet of retail.