HOUSTON--Gaia Real Estate, in conjunction with its partners Menora Mivtachim Insurance and Amitim Senior Pension Funds, has acquired a five-property, 1,376 unit portfolio located in Houston, the firm tells GlobeSt.com exclusively.

“The properties are located in areas Gaia knows well and operates other properties,” says Danny Fishman, Gaia managing partner. “We believe there is a lot of upside in the properties by upgrading them and renovating the units and the amenities.”

The class B multifamily, garden-style properties are concentrated among two locations, the Spring Branch/Bear Creek and Champions East submarkets. The submarkets possess strong fundamentals, a solid and diverse employer base and well-regarded public schools, say reps for Gaia. In addition, the assets are strategically located close to many of Gaia's existing Houston properties.

Gaia will perform a comprehensive unit and exterior capital upgrade program, and in some cases, will rebrand the communities. With four out of the five assets located within a half-mile of one other, Gaia will implement “significant management synergies and economies of scale.” 

Current amenities throughout the portfolio properties include resort-style swimming pools and spas, fitness centers, playgrounds, business centers, barbecue areas and covered parking.

With this latest acquisition, Gaia currently owns 5,670 units spread throughout 19 properties in Houston and over 16,500 residential units total. Gaia Property Management, Gaia's in-house management, is headquartered in Houston.