GAIA Real Estate has closed the acquisition of Virage on Memorial, a 372-unit class A apartment project in Houston.
This marks the third such purchase for GAIA’s fully discretionary REIT, following the acquisition of class A assets in Orlando and Nashville. The REIT’s portfolio now comprises three assets, totaling more than $250 million in asset value, as the company continues to execute its strategy of acquiring high-quality Sun Belt assets well below replacement cost.
“We continue to believe that now is a strong time to buy well-located, institutional-quality properties that present a significant discount to 2021-2022 values,” said Danny Fishman, CEO, GAIA. “Sun Belt markets possess long-term structural drivers of demand. We believe that the oversupply trend is abating, and our plan is to acquire assets ahead of projected growth.”
Constructed in 2014, Virage is a six-story, midrise property in the Washington Ave.–Memorial submarket, one of Housto