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.