Spotlight on Arel Capital
Behind the scenes of one of Houston’s premier luxury condos is the experienced developer, Arel Capital.
The River Oaks, located in the heart of River Oaks, was reimagined by Arel Capital and has become a showcase building for the neighborhood.
This dramatic transformation of the landmark address redefined vertical estate living for some of Houston’s most affluent buyers. It opened officially in June 2018.
Richard Leibovitch, managing partner at Arel Capital, along with his partner, Gabriel Bousbib formed their company in early 2013 to manage their personal capital and the capital of a few former hedge fund partners. What evolved was a focus on U.S. real estate which included the Houston market. Their emphasis is multi-family rental properties as well as value-add candidates in top neighborhoods in major U.S. cities.
Formerly The River Oaks Apartments in the early 1960s with rentalonly apartments, it became known for its exclusive address, expansive grounds and Miesianstyle architecture.
Arel Capital embraced this older building to give it new life.
”This was our passion project,” said Leibovitch. “The building was not in great shape, and originally a tear-down on 3 prime acres of land. We just loved the architecture, and the structure itself was interesting. We wanted to maintain the historical aspect.”
It was four years from beginning to end to rebuild.
“It was a lot of money to keep this beautiful historical building. We tried to preserve the historical features and combine with a contemporary aesthetic. We started with modest aspirations and continued upgrading with more beautiful interiors. We realized people were willing to pay for quality as we developed the building,” Leibovitch said.
Enlisting the help from Houston’s stellar companies such as EDI International, architect; Rottet Studio, interior architect; and McDugald-Steele, landscape architect was paramount to The River Oaks’ success.
Unobstructed views
Today, The River Oaks is home to a limited inventory of 79 generously sized residences spanning 18 floors with unobstructed, protected views of the city. Terraced gardens insulate the building offering homeowners an exclusive enclave within a short distance to some of the finest retail and restaurants in Houston.
There is also a variety of unique offerings such as two-story garden residences and penthouses with an optional private pool, while retaining the integrity of the legacy building.
Interiors had no detail or expense spared during transformation. Luxurious finishes such as Calacatta marble countertops, chef-caliber Gaggenau appliances and Poggenpohl cabinets complement hardwoods and rich limestone throughout.
“It’s amazing first class, with great, great staff …,” said Leibovitch. “We fell in love with Houston in 2013. We love its energy and how business friendly it is.
“It’s been a wonderful experience.”