GAIA Portfolio Now Includes Houston Property
GAIA Real Estate acquired the Virage on Memorial, a 372-unit Class A apartment project in Houston. The purchase price was reported to be $83 million. This marks the third 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.
GAIA’s Danny Fishman adds, “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.
The property is fully leased and features a comprehensive amenity offering, including a central courtyard with pool, firepit, grilling stations, rooftop lounge, and 24-hour fitness center. GAIA intends to implement a value-add business plan.
