Gaia Real Estate with Grand China Fund acquire 286-unit apartment community

Gaia Real Estate Investments, in conjunction with its partner Grand China Fund, arranged the acquisition of Whispering Winds, a 286-unit apartment community located in Pearland, a desirable suburb of the city. The Whispering Winds property totals 257,400 rentable s/f across 20 apartment buildings and a single-story clubhouse on over 17 acres. The property was constructed in 1986 and renovated in 2005. "We are happy to expand our presence in Houston," said Gaia's managing partners Danny Fishman and Amir Yerushalmi. "This well-kept asset will be a great addition to our growing multi-family portfolio." Gaia currently owns 1,711 units spread throughout five properties in Houston and 18 other properties in Dallas/Ft. Worth and Corpus Christi for a total of 6,548 units. Gaia Property Management's regional office is located in Houston. "Houston continues to lead the nation in employment growth and the apartment market is now bearing some fruits of a healthy local economy," added Fishman. "We are proud to announce our partnership with Grand China fund and we are currently looking to invest in additional assets together." Grand China Fund Chairman Mingeng Zhang and General Manager David Long said: "We have very strong confidence in the US real estate market, particularly in Houston." "As Chinese outbound investment demands increase, this area is the next investment destination for Chinese investors in addition to New York and Los Angeles," added Zhang. "We are glad that we have found GAIA, a trustable partner and we look forward to developing a strategic partnership in near future." As part of its strategic plan, Gaia intends to renovate the property's common areas, amenities package and apartment units to enhance the property's position within the market as a desirable home for young families and empty-nesters alike. The Whispering Winds property boasts numerous amenities including two swimming pools, courtyards, BBQ grills, laundry facilities, clubhouse and business center, children's playground, dog park and a lighted tennis court. All units have washer/dryer connections, ceiling fans, mini-blinds, frost-free refrigerators with icemakers, electric ranges, dishwasher, vent-hoods, large walk-in closets, private patios or balconies along with carpeting and vinyl for the wet areas. Select units have fireplaces. Whispering Winds is located in the preferred Houston suburb of Pearland, in Brazoria County, Texas. Pearland is the fastest-growing city in the Houston metro area, the second-fastest in Texas, and the 15th fastest in the United States. According to GAIA officials, the city has introduced zoning restrictions in contrast with much of Houston, which should restrict new supply and act as a preservation of value for existing multi-family product. Additionally, GAIA said the property's prime location is a draw. Pearland is located adjacent to Highway 288 and Beltway 8 (Sam Houston Toll Road) in northern Brazoria County. The property is approximately 30 minutes from downtown Houston, NASA's Johnson Space Center and the Galleria Financial District. It is about 20 minutes from The Texas Medical Center and Hobby Airport is approximately 15 minutes from Pearland's northern border.