Houston - West Ave - Gables Resdiential

Gables Residential is proud to introduce their West Ave mixed use development located in Houston's River Oaks Community. Currently the residential portion of the property is 89% occupied and the retail continues to lag at 41% occupancy. The average unit is 1080 square feet at approximately $1.65 per square foot (effective rent). The retail has two levels. In many instances two story retail does not perform as well as first floor units. If necessary Gables Residential could convert the retail space to apartments at a loss of 10 basis points.


The tenant mix includes all types from empty nesters, college students, to the young up and comers landing their first job. Gables Residential not long ago disposed of their suburban assets. They have the land on a ground lease that is owned by the Dickey family. Across the street is direct competition, 2727 Kirby. 2727 Kirby, was designed by architect Scott Ziegler designer of The Austonian. The original developer has passed away and now his spouse is attending to his affairs. The $600 per square foot pricing in this economy may have shifted the average consumer’s priorities. West Ave is positioned to be an alternative to such rents. West Ave offers recreational activities, leisure, and has access to the same shopping opportunities, if not more considering the projected on site tenant mix.