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    weingarten purchased

    Controversial Houston real estate developer has new owner after major merger

    Steven Devadanam
    Apr 15, 2021 | 1:25 pm
    River Oaks Shopping Center
    Weingarten Realty, which owns the River Oaks Shopping Center, has merged.
    Photo by Weingarten Realty

    Houston’s Weingarten Realty Investors, which has made headlines of late with the River Oaks Theatre saga, has a new owner.

    Kimco Realty Corp., one of the most prominent owners and operators of open-air, grocery-anchored shopping centers and mixed-use development in North America, has acquired Weingarten for $3.87 billion, according to a press release.

    Weingarten shareholders will cash in on approximately $30.32 per share, an 11 premium, CNBC notes. Kimco will in turn own some 71 percent of the combined company’s equity.

    This acquisition will create a company with 559 open-air grocery-anchored shopping centers. The deal is expected to close around the second half of 2021, per mutual agreements by both parties.

    Major tenants will include Kroger, Whole Foods, and Walmart. Other retailers include Ross Stores and Burlington Stores.

    Weingarten is a dominant, grocery-anchored shopping center owner, manager, and developer in the Sun Belt. The company most recently made headlines during a dramatic standoff with tenant Landmark Theatres and the beloved River Oaks Theatre. The two sides were unable to strike a deal and thus, as CultureMap was first to report, the landmark venue permanently shuttered.

    “Combining these highly complementary platforms is a win-win for shareholders of both companies,” said Andrew “Drew” Alexander, CEO of Weingarten, in a release. “ We are excited to deliver this transaction to our shareholders, who will realize compelling and immediate value while also benefiting from the upside potential associated with owning the industry’s preeminent open-air shopping center and mixed-use REIT.”

    urban-renewal
    news/real-estate

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    rent affordability news

    Houstonians need to make nearly $68,000 to afford rent in 2025

    Amber Heckler
    May 13, 2025 | 12:30 pm
    Dolce Midtown Apartments Houston
    Photo courtesy of Dolce Midtown Apartments
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    A new rental report from Zillow has revealed Houston renters need to make about 23 percent more money than they did five years ago in order to afford rent in 2025.

    Zillow analysts examined the income needed to afford rent in 50 major U.S. metros, and determined rent prices in each city as of April 2025.

    The average Houston renter needs to make $67,731 a year to afford living in the city, the report found. To afford rent for a single-family home, the income needed increases even further to $85,017.

    Despite Houston's rising rent cost of living, it's still more affordable than many other cities. Nationally, the average income needed for someone to comfortably afford rent comes out to nearly $81,000. The study says that figure has increased nearly 35 percent since 2020.

    "Housing costs have surged since pre-pandemic, with rents growing quite a bit faster than wages," said senior Zillow economist Orphe Divounguy. "This often leaves little room for other expenses, making it particularly difficult for those hoping to save for a down payment on a future home. High upfront costs are often overlooked, which can keep renters in their current homes."

    Rent prices in Houston averaged $1,693 last month, which is less costly than the national average rent price of $2,024. Additionally, Houstonians are spending about 24 percent of their income on rent, while the typical American spends almost 30 percent of their income on rent.

    Renters are also saving hundreds of dollars in comparison to those that own their homes, as a recent SmartAsset study discovered the median monthly housing costs for a Houston homeowner came out to $2,219.

    At least we're not living on the East or West Coast, where eight U.S. metros require six-figure incomes to afford rent. Residents in San Jose, California need to make $136,532 a year to afford rent, the highest out of all 50 U.S. cities. Rent prices in San Jose came out to $3,413 in April.

    Here's how much money renters need to afford living in other Texas metros, according to Zillow:

    • Dallas – $71,413
    • Austin – $68,840
    • San Antonio – $58,590
    zillowhousing reportrent pricesaffordabilityhouston
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