GAIA Real Estate has recently expanded its portfolio with the acquisition of Virage on Memorial, a Class A apartment complex in Houston. The property, which consists of 372 units, was purchased for $83 million and marks the third addition to GAIA’s REIT. This follows previous acquisitions of Class A assets in Orlando and Nashville, bringing the total value of their portfolio to over $250 million.
According to Danny Fishman from GAIA Real Estate, Sunbelt markets have strong long-term demand drivers. They believe that oversupply is decreasing and plan to acquire properties before projected growth occurs.
Built in 2014, Virage is a six-story midrise located in the Washington Ave.-Memorial submarket. It boasts full occupancy and an array of amenities including a pool courtyard with firepit and grilling stations as well as a rooftop lounge and 24-hour fitness center. With plans for implementing value-add strategies at this property, GAIA continues its strategy of acquiring high-quality assets below replacement cost.
