Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-GFI Realty Services Inc., an affiliate of GFI Management Services Inc. of New York City has acquired 2,500 units in 12 Houston area multifamily garden apartment complexes. Reportedly, GFI purchased the portfolio from Prudential Life Insurance. The company has secured acquisition and renovation financing for the portfolio.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.