GAIA Real Estate and Partners Sell Houston Apartment Complex

Cashel Springs, Houston

New York based GAIA Real Estate, with its partners Menora Mivtachim Insurance and Amitim Senior Pension Funds, have sold Cashel Springs, a 300-unit value-add property in Houston, Texas.

GAIA originally acquired the property in February 2015 as part of a larger workforce housing portfolio transaction consisting of 1,376 residential units spread over five assets for $88.4 million.

“We purchased it in early 2015 as part of a five-asset portfolio,” said Danny Fishman, GAIA managing partner. “We executed a business plan of streamlined operations, comprehensive capital improvements and rebranding, and the creation of a desirable living experience for our residents. With the sale, we doubled our invested equity and achieved above-market returns for our investors.”

 The non-disclosed buyer was represented by Matt Saunders, executive managing director at Newmark Knight Frank.