tilman's big buy

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

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, 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.

Since it opened in 2015, River Oaks District has become one of Houston’s top shopping and dining destinations. Its roster of luxury stores includes Hermes, Cartier, Rolex, Dior, Patek Phillip, and Harry Winston. It's also home to some of the city’s most popular restaurants, including Steak 48, Loch Bar, Toulouse, and Spanish restaurant MAD, which won Best New Restaurant in the 2020 CultureMap Tastemaker Awards.

River Oaks District is only about a mile from The Post Oak, Fertitta’s hotel, restaurant, and office complex on the West Loop that’s also home to Rolls Royce dealership Post Oak Motor Cars. It’s the only hotel in Houston to earn a 5-star rating from the prestigious Forbes Travel Guide.

“Adding River Oaks District to our Post Oak Hotel family of offerings seamlessly complements the curated experience we have created for the luxury-seeking consumer,” Fertitta said in a statement. “This is the perfect moment in time to add this premier mixed-use development to our luxury portfolio, creating incredible cross-promotional opportunities and elevating the standard for luxury dining and shopping for Houstonians and international travelers alike.”

Fertitta has been on a bit of a real estate shopping spree. In 2022, he purchased the 30-acre Montage Laguna Beach Resort Hotel in Southern California for a reported $660 million. Taken together, the Billion Dollar Buyer has dropped more than $1.1 billion expanding his real estate holdings since 2022.

River Oaks District completed a series of renovations, including the addition of a pocket park that stretches from Westcreek Lane on the district’s western side to its eastern boundary. Fertitta has plans for further changes, promising to “elevate the development to new heights” by attracting even more prominent retail and restaurant tenants.

Commercial real estate and investment management company JLL Capital Markets represented the seller and procured the buyer, Fertitta Entertainment, Inc, according to a release.

"Fertitta Entertainment is acquiring one of the most highly sought-after, trophy mixed-use assets in the U.S., and we are thrilled to have facilitated this transaction,” JLL executive Barry Brown said. “River Oaks District represents an exceptional investment opportunity with its prime location within Houston, as well as its premier luxury offerings. We congratulate Fertitta Entertainment on the acquisition of this distinguished property and look forward to see the continued evolution in the years to come."

Photo by Shannon O'Hara

The development added a pocket park in 2022.

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This affluent Houston enclave is the richest small town in Texas

Facebook / City of Bellaire, Texas

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Affluent Houston neighbor Bellaire is cashing in as the richest small town in Texas for 2025, according to new study from GoBankingRates.

The report, "The Richest Small Town in Every State," used data from the U.S. Census Bureau's American Community Survey to determine the 50 richest small towns in America based on their median household income.

Of course, Houstonians realize that describing Bellaire as a "small town" is a bit of misnomer. Located less than 10 miles from downtown and fully surrounded by the City of Houston, Bellaire is a wealthy enclave that boasts a population of just over 17,000 residents. These affluent citizens earn a median $236,311 in income every year, which GoBankingRates says is the 11th highest household median income out of all 50 cities included in the report.

The average home in this city is worth over $1.12 million, but Bellaire's lavish residential reputation often attracts properties with multi-million-dollar price tags.

Bellaire also earned a shining 81 livability score for its top quality schools, health and safety, commute times, and more. The livability index, provided by Toronto, Canada-based data analytics and real estate platform AreaVibes, said Bellaire has "an abundance of exceptional local amenities."

"Among these are conveniently located grocery stores, charming coffee shops, diverse dining options and plenty of spacious parks," AreaVibes said. "These local amenities contribute significantly to its overall appeal, ensuring that [residents'] daily needs are met and offering ample opportunities for leisure and recreation."

Many popular Houston restaurants are setting their sights on this wealthy enclave. Detroit-style pizzamakers Gold Tooth Tony’s opened its second pizza joint in Bellaire in 2024. And most recently, Michelin-recognized Tex-Mex restaurant Candente announced it would open a second location just down the street from Gold Tooth Tony's at 5101 Bellaire Blvd.

Earlier in 2025, GoBankingRates ranked Bellaire as the No. 23 wealthiest suburb in America, and it's no stranger to being named on similar lists comparing the richest American cities.

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