HOUSTON-A partnership led by New York City-based Gaia Real Estate Partners has acquired a nine-property, 2,594-unit portfolio here.
Gaia Real Estate's partners in the venture are Menora Mivtachim Insurance and the Grand China Fund. The rental apartment properties are located within Houston Medical Center, Northwest and Houston North submarkets. The properties were built between 1998 and 2006. No financial terms of the transaction were released.
“We are very pleased to secure this off-market transaction and add to our growing Texas portfolio,” said Gaia's Managing Partner Amir Yerushalmi. “We are thankful for the continued trust from our investors and we look forward to generating great results by implementing our professional, efficient and creative property and asset management.”
With its latest acquisition, Gaia currently has under management more than 15,000 residential units. A total of 4,591 units are housed in 15 properties in Houston and 9,428 units across 33 properties in Texas. Gaia Property Management is headquartered in Houston.
Gaia intends to implement a value-added strategy to upgrade common areas and apartment interiors to enhance each property's position within each unique submarket, company officials say.
“We are happy to bring repeating leading international institutional investors together with domestic ones to invest with us and we are excited about this opportunity and its projected returns,” says Gaia's managing partner Danny Fishman.
The nine communities feature amenities that include: swimming pools, landscaped courtyards, BBQ grilling areas, laundry facilities, clubhouses with business centers and multi-function rooms, playgrounds, dog parks, movie theatres, game rooms and reserved/covered parking.
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