Gaia Adds 1,400 Units
Gaia Real Estate (with partners Menora Mivtachim Insurance and Amitim Senior Pension Funds—big-time Israeli investors) purchased a five-property, 1,400-unit multifamily portfolio in Houston. Managing partner Danny Fishman tells us his team liked the value-add opportunity and plans amenity upgrades. Because the new acquisitions are close to each other (within a half mile, and close to other communities Gaia owns in the Spring Branch/Bear Creek and Champions East submarkets), Danny says the team can take advantage of economies of scale and manage them all almost like one property.
Here’s Easton Village, part of the latest buy. (The other properties are Copperfield, Cottages of Champion Forest, Coventry Square and Peppermill Place.) Danny tells us Gaia is bullish on Houston, even in the midst of an economic dampening—he believes we’ll continue to grow, just more moderately. In fact, Gaia’s property management firm is HQ’d in Houston and is hiring. His team is looking for more acquisitions and has some in its sights, but Danny says the challenge is finding opportunities. The firm prefers large portfolio acquisitions, and those aren’t available often in Houston. Gaia now owns 19 properties totaling 5,670 units across the metro.