HOUSTON, TX - GAIA Real Estate has announced the closing of the acquisition of Virage on Memorial, a 372-unit Class A apartment project in Houston, TX. This marks the third such purchase for GAIA’s fully discretionary REIT, following the acquisition of Class A assets in Orlando and Nashville. The REIT’s portfolio now comprises three assets, totaling more than $250 million in asset value, as the company continues to execute its strategy of acquiring high-quality Sunbelt assets well below replacement cost.
“We continue to believe that now is a strong time to buy well-located, institutional-quality properties that present a significant discount to 2021-2022 values,” said Danny Fishman, CEO, GAIA. “Sunbelt markets possess long-term structural drivers of demand. We believe that the oversupply trend is abating and our plan is to acquire assets ahead of projected growth.”
Constructed in 2014, Virage is a six-story, midrise property in the Washington Ave.-Memorial submarket, one of Houston’s most desirable locations. The property offers residents a luxury product in an urban infill location fewer than three miles from Downtown Houston, minutes from some of the city’s top single-family residential neighborhoods, and within walking distance to Memorial Park and Buffalo Bayou.
The property is fully leased and features a comprehensive amenity offering, including a central courtyard with pool, firepit, grilling stations, expansive community areas, 24-hour fitness center, dog park, and a rooftop resident lounge. GAIA intends to implement a value-add business plan to modernize the property and elevate the overall resident experience.
GAIA has historically maintained a significant presence in Houston, owning a portfolio of 21 properties and more than 6,400 residential units since inception.
“We have owned in Houston since 2011 and are excited to add a high-quality asset to our growing and diversified portfolio,” said David Kusy, Partner and Managing Director of Acquisitions, GAIA. “We believe that the Houston multifamily market possesses one of the most compelling supply- demand stories in the U.S. today.”
Attorneys Moty Ben Yona of Smith, Gambrell & Russell LLP and Stuart Lautin of Higier Allen & Lautin P.C. represented GAIA in the transaction.
About GAIA Real Estate: GAIA Real Estate Holdings is headquartered in New York City. GAIA is a full-service real estate investment company with integrated in-house management capabilities. Since its inception in 2009, GAIA and its affiliates have invested in a range of residential real estate opportunities on behalf of, and alongside, leading institutional investors and high-net-worth individuals. GAIA has owned over 19,800 apartment units and 87 properties, representing $3.8b of total asset value. GAIA’s realized IRR across 63 exited assets is over 37%. To learn more about GAIA visit: www.gaiare.com