PEARLAND, TX-Expanding its presence in the Houston area, Gaia Real Estate has joined forces with Grand China Fund to acquire the 286-unit Whispering Winds from Besyata Investment Group in an off-market transaction. The buy is the partnership's first, though Gaia's managing partner Amir Yerushalmi indicates that his New York City-based company is working with the Beijing-based fund on other potential investments.
"This group has development projects in China," Yerushalmi says. "Lately, they've begun looking into real estate opportunities in the US. They have a good understanding of the market."
Though Grand China Fund might be a newcomer to the Houston area, Gaia Real Estate most certainly is not. The company owns 24 multifamily properties throughout the region, many of which were acquired as part of the $500 million PJ Portfolio, a 32-property portfolio spread across five states. Gaia Real Estate teamed with Starwood Capital about a year and a half ago to acquire the assets.
As for Whispering Winds, Yerushalmi tells GlobeSt.com that Pearland, TX, approximately 30 miles southeast of Houston, is a desirable submarket because of its multifamily supply constraints; constraints further enhanced because of the city's zoning restrictions on certain kinds of development. The complex's location at 2902 Whispering Winds Dr. is near SH 288 and Beltway 8, which provides fairly easy access into downtown Houston proper.
It's also located approximately 20 minutes from the Texas Medical Center District and Hosuton's Hobby Airport. Pearland is also ranked as the fastest-growing city in Houston's MSA, as well as the second-fastest growing city in Texas.
Gaia will upgrade parts of the 1986-built property, which was renovated in 2005. The new owner will renovate Whispering Winds' common areas, amenities packages and apartment units. The complex is 95% occupied.
Yerushalmi says Gaia learned about the complex directly from Besyata Investment Group, which is located in Brooklyn. Gaia had a previous relationship with the seller, having bought the Mansions at Shadowbriar, also in Houston, from Besyata about a year ago.
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