Three Pillars Purchases 1972-Era Houston Apartment Complex

Houston-based Three Pillars added to the 3,000+ units already under their ownership, with the 544-unit Del Mar property in the Edgebrook community of Houston. They did it with the help of a 1031 exchange. “A 1031 exchange allows investors to snowball their initial investment into something potentially larger, and it’s a great vehicle for us because it brings in equity that we no longer have to raise,” said Three Pillars Gautum Goyal.

The community includes three pools and a fitness center. Three Pillars will start work on a wall to wall renovation that will include granite countertops, modern fixtures, and improvements to the bed and bathrooms.