Outside the Region: GAIA Real Estate and partners sell Cashel Springs Apartments in Houston

Houston, TX New York based GAIA Real Estate, together with its partners Menora Mivtachim Insurance and Amitim Senior Pension Funds, completed the sale of Cashel Springs, a 300-unit value-add property. The non-disclosed buyer was represented by Matt Saunders, executive managing director at Newmark Knight Frank.

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 GAIA’s managing partner Danny Fishman. “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.”

Since inception, 58% of GAIA’s apartment portfolio of 18,651 units have been located in Texas (38 Texas properties comprising 10,806 units), including 20 properties and 5,969 units in the city.