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Texas  + Houston-Galveston  + Apartments  | 
Red Pines sold by Three Pillars 243 units Pasadena Texas

After Major Renovation, Three Pillars Sells Houston Apartment

The private equity firm, which admittedly specializes in Class B and C multifamily, was able to realize the fruits of their labor by selling the 243-unit Red Pines. After buying the property just last year, it immediately kicked off a renovation and repositioning of the community in the Houston submarket of Pasadena, Texas. The work included extensive interior upgrades such as adding granite countertops, fresh paint, new doors and water-saving fixtures.

Three Pillars Gautam Goyal thought Red Pines was a diamond in the rough, “Houston is a market where a huge portion of the rental housing is made up of weathered, out-of-date buildings. Our team recognized Red Pines’ potential to create significant value.” He also pointed to the location and high quality amenities as a reason for its value.

Three Pillars sold the complex to a Texas-based private equity firm. Terms of the transaction were not disclosed. Three Pillars has over 3,000 apartment units under management in the Houston area.


Inside The Story

Gautam Goyal

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

  • ◦Sale/Acquisition