Gaia Real Estate Sells 252-Unit Cypress Commons in Houston
- Apr 04, 2016
Houston—Gaia Real Estate, in a partnership with Menora Mivtachim Insurance and Grand China Fund, recently announced the disposition of a 252-unit apartment community in Houston. Cypress Commons was originally acquired in December 2013 as part of a larger portfolio transaction consisting of 2,594 residential units spread across nine properties.
Located at 9721 Cypresswood Drive, Cypress Commons features one-, two- and three-bedroom floorplans. The class A community is located in the affluent Champions submarket of Northwest Houston and next to The Vintage, a $1 billion mixed-use development. Cypress Commons is in close proximity to large concentrations of medical, educational and high-tech employers.
The community’s amenity package includes controlled access, a fitness center, business center, clubhouse, swimming pool, spa, laundry facilities and 300 parking spaces. According to Yardi Matrix, unit sizes range between 590 and 1,256 square feet with monthly rents between $746 and $1,452.
“Cypress Commons was acquired as part of a nine-property portfolio of similar Class A assets, at a basis well below replacement cost. This property disposition represents the second asset sale from that portfolio. Our generated returns on this transaction generated an IRR in excess of 52% for our investors,” Gaia’s Managing Partner Danny Fishman said in prepared remarks. “We’ll continue to execute our business plan across the portfolio by streamlining operations, improving the properties, and creating a desirable living experience for our residents.”
Image courtesy of Yardi Matrix