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Texas  + Dallas-Fort Worth  + Finance  | 

Starwood Partnership Divests 9,500-Unit MF Portfolio

Gaia Real Estate and Starwood Capital Group announced today that they have fully exited their PJ Portfolio investment. The portfolio consisted of over 9,500 multifamily units located in major metropolitan areas throughout the high-growth Sunbelt region. More than 45% of the units are located in Dallas with additional concentrations in Phoenix, AZ (19%), Atlanta, GA (8%), Houston, TX (8%), Fort Lauderdale, FL (7%), Corpus Christi, TX (6%), Nashville, TN (5%), and Orlando, FL (3%).

The acquisition of the portfolio was executed in May 2012 via Chapter 11 bankruptcy. At the time of purchase, the assets in the portfolio were undercapitalized with almost 8% of the portfolio’s units in an unleaseable condition. The partners executed capital improvement plan that injected tens of millions of dollars into the cash-starved assets. These capital expenditures brought the portfolio from over 20% vacancy at the time of purchase, to 5% upon stabilization.

The exit culminates a nearly 10-year partnership between Manhattan-based Gaia Real Estate and Miami-based Starwood Capital. At the time of exit, the project delivered a more than a 15x multiple.


Inside The Story

GAIA Real EstatreStarwood Capital

About Erik Hamilton

Erik Hamilton, who has more than 15 years in CRE journalism, is a former staff writer with the Los Angeles Times and the Orange County Business Journal. In addition to The Times and the OCBJ, he was also a reporter and editor for Crittenden Research, The San Bernardino Sun and UPI. Erik also worked six years in CRE public relations with Los Angeles-based Hoyt Organization, where he was a Senior Account Executive. He later joined Lee & Associates where he served as the Director of Corporate Communications. There ,in addition to his work with Lee’s CEO, he managed 57 offices nationwide and provided PR, social media and media training for the offices. A graduate of UC Irvine, with a BA in history, he is an avid record collector where he continues to search for a rare Joy Division single.

  • ◦Financing