Thousands of apartments in Dallas-Fort Worth changed hands alongside a host of other properties throughout the Sun Belt.
New York-based real estate investment firm Gaia Real Estate Holdings and Starwood Capital Group have sold a portfolio of more than 9,500 multifamily units in major metropolitan areas, Gaia said Tuesday.
More than 45% of units were in the Dallas-Fort Worth area, with others in Phoenix, Atlanta, Houston, Fort Lauderdale, Corpus Christi, Nashville and Orlando.
The portfolio included 32 apartment complexes typically built between the late 1970s and early 1990s, including 17 in Dallas-Fort Worth. They have sold for over a year and a half to local and national buyers, said Gaia CEO Danny Fishman. He declined to share the specific properties involved or name the buyers.
The companies acquired the portfolio in 2012 after the previous owner filed for Chapter 11 bankruptcy protection. Nearly 8% of the units were not in rental condition at that time, a said Gaia, with the partners investing tens of millions of dollars in improvements.
“The first two years were the heavy lifting of getting all the units back online to be operational again,” Fishman said. “The wallet was in really bad shape.”
Starwood is a Miami Beach, Florida-based investment firm focused on global real estate, energy infrastructure, and oil and gas.