Globest.com
PEARLAND, TX – Expanding its presence in the Houston area, Gaia Real Estate has joined forces with Grand China Fund to acquire the 286-unit Whispering Winds from Besyata Investment Group in an off-market transaction. The buy is the partnership’s first, though Gaia’s managing partner Amir Yerushalmi indicates that his New York City-based company is working with the Beijing-based fund on other potential investments.
“This group has development projects in China,” Yerushalmi says. “Lately, they’ve begun looking into real estate opportunities in the US. They have a good understanding of the market.”
Though Grand China Fund might be a newcomer to the Houston area, Gaia Real Estate most certainly is not. The company owns 24 multifamily properties throughout the region, many of which were acquired as part of the $500 million PJ Portfolio, a 32-property portfolio spread across five states. Gaia Real Estate teamed with Starwood Capital about a year and a half ago to acquire the assets.