GAIA-Led JV Sells 300-Unit Houston Asset

The company initially purchased Cashel Springs in 2015 as part of a 1,376-unit portfolio, for $88.4 million.
Cashel Springs. Image courtesy of Gaia Real Estate

Gaia Real Estate—in partnership with Menora Mivtachim Insurance and Amitim Senior Pension Funds—has sold the 300-unit Cashel Springs in Houston. Berkadia originated a $16 million, ten-year Freddie Mac acquisition loan for 37th Parallel, per Yardi Matrix information. The asset last traded in early 2015 as part of a 1,376-unit portfolio, for $88.4 million.

Located at 14222 Wunderlich Drive, the property has access to plenty of retail and dining options and is 24 miles north of downtown Houston. The 1982-built community comprises one- and two-bedroom apartments in 22 two-story buildings spread across a 9.9-acre site. Common-area amenities include two pools, an outdoor grill and two laundry facilities. As of June, the asset was 94.3 percent occupied, per Yardi Matrix information.     

According to Danny Fishman, GAIA managing partner, the seller streamlined operations, implemented capital improvements and rebranded the property. These decisions resulted in a doubling of the invested equity after the disposition.

Executive Managing Director Matt Saunders of Newmark Knight Frank worked on behalf of the buyer. Recently, another team from the brokerage company brokered the sale of The Ace, a 330-unit luxury community in Round Rock, Texas.