Leste Group, GVA Management complete $380m acquisition

GVA Management, in partnership with Leste Real Estate U.S., announced the completion of a $380 million portfolio of class-B multifamily residential properties that includes five communities across Texas, Tennessee and South Carolina.

“We are thrilled to be adding these communities to our portfolio and look forward to a successful partnership with all our key stakeholders, most of all our new residents. All of these communities are in good markets and high-value neighborhoods. We are confident we can add value to and feel well positioned to execute our value-add plans on behalf of our partners and our residents,” said Alan Stalcup, CEO at GVA.

The acquisition, which includes a total of 1,670 individual units, is one of the largest single transactions completed by Leste Real Estate and its first completed in 2022.

The buy will include significant value-add for the communities, including approximately $17 million allocated for renovations. Leste’s repeat part