Recent Acquisition Brings Company Portfolio to 11,000 Units
- Jan 13, 2015
Houston—Philadelphia-based GoldOller Real Estate Investments expands into the Texas market with its $52.5 million acquisition of the Trails at Dominion Park, an 843-unit luxury garden apartment community in Houston.
“Now that we are here, we intend to continue our expansion in Texas as part of our growth strategy in 2015. The Trails at Dominion Park rings all the bells of what we look for in an acquisition. It is a beautiful property, priced right, 95 percent occupied and in the path of Houston’s growing employment centers. We are thrilled to be part of the Houston growth story and very excited to bring our unique GoldOller management experience to the residents of the Trails at Dominion Park,” says Richard Oller, GoldOller chairman.
Built in 1994, The Trails at Dominion Park is a gated community located on 50 acres in North Houston along the I-45 corridor. The property offers one, two and three bedroom apartments, with washer/dryer connections, balconies, patios; including many with fireplaces and vaulted ceilings. Available floor plans range in size from 600 square feet to 1500 square feet. Amenities include five resort-style pools, heated spas, a fitness center, tennis courts, sand volleyball and a dog park. Also available are GoldOller’s signature GO lifestyle services, which include free fitness programs and nutritional counseling.
GoldOller’s increases its portfolio to approximately 11,000 units across 15 states with the acquisition of The Trails at Dominion Park. “We are very pleased to have the operational resources and dexterity to move quickly almost anywhere in the country when the opportunity is right. When you couple that with an extraordinary management team that consistently delivers superior performance, we have a winning combination,” says Jake Hollinger, chief operating officer for GoldOller.
Hollinger continues, “We have done very well acquiring larger apartment communities like the Trails. The scale actually facilitates our ability to add significant value very quickly with both selective capital improvements and creative management. Consistent with the rest of our portfolio, we expect the Trails to return solid double digit cash flow inception, with escalating revenue and investment yield.”
Jill Hinton, GoldOller’s vice president of operations, says “We have our hats on and our boots polished and we are very excited to bring our management brand to Texas.”