HOUSTON-Gaia Real Estate Holdings LLC expanded its portfolio by 708 units through the acquisition of the 408-unit Steeples Apartments and the 300-unit Township Apartments in Humble, TX, just north of the Houston area. Though the seller of the off-market transaction was undisclosed, the Harris Central Appraisal District lists Westcorp Management Group of Las Vegas as the previous owner.
Gaia recently opened an office in Dallas in order to manage the firm’s Texas-based portfolio, which now totals 23 properties and 6,548 units. The real estate investment and management company headquartered in New York plans to embark on a substantial value-add program for both properties addressing common area upgrades and unit renovations.
According to a press release issued by Gaia managing partners Danny Fishman and Amir Yerushalmi, the class B complexes offer a good value-add strategy. The New York City buyer was also able to obtain financing at a low interest rate. Neither Fishman or Yerushalmi were immediately available for comment, though have agreed to a future interview about the transaction and Gaia's strategies.
Steeples Apartments, is at 2151 S. Kirkwood Rd. and is situated on 11.3 acres in the far west submarket. The multifamily property was built in 1978 and renovated in 2008. Township Apartments at 401 S. Bender Ave. was built in 1974, and is about 20 minutes north of downtown Houston.
Source: http://www.globest.com/news/12_485/houston/multifamily/Gaia-Real-Estate-Acquires-708-Units-327048.html
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