Executives at GFI have been tight lipped regarding the details of the deal. GFI's plans for the portfolio include aggressive renovation and marketing programs. The firm believes such an approach will yield positive returns quickly and it has a positive history with this method of realizing upside potential.
The properties have various amounts of deferred maintenance issues, primarily in the common areas. Each property will also require unit upgrades. Through the renovation of the common areas and the units, a process that has already begun, and the addition of playgrounds, gyms, pools and other amenities, GFI hopes to lease up the properties and stabilize their occupancy. The firm has opened a management office in Houston to handle the portfolio and all future southwestern acquisitions and has indicated they are looking for additional properties to buy.
GFI currently manages about 8,000 units in the northeastern, southeastern and southwestern US. The firm also manages numerous retail and office properties.
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