Houston billionaire Tilman Fertitta buys River Oaks development for a reported $450 million

HOUSTON, Texas -- Houston billionaire Tilman Fertitta has added one of Houston's most prominent mixed-use developments to his real estate portfolio by purchasing River Oaks District.

The almost 14-acre property, which is located on Westheimer just east of 610, is home to luxury retail boutiques, upscale restaurants, high-end apartments, and office space. In total, it offers more than 300,000 square feet of retail space, over 67,000 square feet of office space, and 279 apartment units.

Terms of the deal were not disclosed in press materials, but the Houston Chronicle reports that the Rockets owner paid $450 million for the property. JPMorgan Asset Management purchased the property for $550 million in 2016, the paper notes.

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