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was a diamond in the rough, “Houston is a market where a huge portion of the rental housing is made up of weathered, out-of-date buildings.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.
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.