Three Pillars Capital Group has sold Red Pines Apartments, a multifamily community in the Houston submarket of Pasadena, Texas. Terms of the transaction were not disclosed. The 243-unit, 180,713-square-foot property was sold to a Texas-based private-equity firm, generating an IRR of 22 percent for Three Pillars and its investors.
The transaction follows the completion of a strategic value-add repositioning of the properties, executed by Three Pillars Capital and its property management arm Greenline Management, after its purchase of the building in early 2021.
“The Houston metro area, like many across the country, is a market where a huge portion of the rental housing stock is made up of weathered, out-of-date buildings,” said Gautam Goyal, founder and managing principal of Three Pillars Capital Group. “Our team at Three Pillars immediately recognized Red Pines’ potential to create significant value, as it offers a unique blend of prime location and high-quali
