The Arno, located at 2929 Weslayan, is headed for an $11-million overhaul, according to a recent filing with the Texas Department of Licensing and Regulation. While details submitted to the TDLR are subject to change, construction could begin as early as July and last roughly six months, with PVEDI listed as the contracted design firm.
The proposed improvements would include a remodel of 5,034 square feet on the first floor, resurfacing of pavement and walkways, new screen walls, and the replacement of an existing window wall with a new canopy, according to the filing. On floors two to eight, garage screens would be replaced with new walls; improvements would be made to the roof and the exterior walls on the eighth floor’s dining and fitness area would be replaced.
Houston-based Sade Real Estate, which recently acquired the property, did not immediately respond to Chron’s request for comment.
The Arno is a 168-unit 40-story apartment complex featuring one, two and three-bedroom apartment layouts and penthouses, with rent beginning at $2,250, according to the Houston Chronicle. The property also features a boardroom, skyline lounge and a grotto-style pool.
The property exchanged hands earlier this month, with Sade Real Estate acquiring the property after securing $128.5 million in financing from Hudson Bay Capital, arranged by Walker & Dunlop Inc., according to a recent news release. The commercial real estate finance and advisory services firm referred to River Oaks as one of the most supply-constrained luxury residential markets with sustained demand.
Yoni Sade, chairman and CEO at Sade, said lenders understood the company’s vision and highlighted the 2929 Weslayan property’s “unique positioning.”
“The combination of River Oaks’ long-term fundamentals, Houston’s continued population growth, and highly selective development activity continues to reinforce the neighborhood’s exclusivity and long-term value,” Sade said in the release.