August 5, 2019
GAIA Real Estate, with partners Menora Mivtachim Insurance and Amitim Senior Pension Funds, ended its four-year hold on Cashel Springs, a 300-unit, value-add property on Houston’s far north side. The buyer was listed as Cashel Owner LLC, according to public records. The sales price was undisclosed; Matt Saunders with NKF represented the buyer.
The New York buyer had owned the asset at 14222 Wunderlich Dr. since February 2015, when it had acquired it as part of a 1,376-unit workforce housing portfolio transaction valued at $88.4 million. “We executed a business plan of streamlined operations, comprehensive capital improvements and rebranding, and the creation of a desirable living experience for our residents,” said GAIA’s Danny Fishman. “With the sale, we doubled our invested equity and achieved above-market returns for our investors.”
The property delivered in 2018, and offers one- and two-bedroom units. Amenities include a fitness center, pool and laundry facilities.
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