Three Pillars Sell Three Houston Multifamily Developments
Before putting the three properties on the market, Three Pillars performed a number of renovations. Included in the revamp were heavy interior renovations that installed vinyl plank floors, granite counters in the kitchen and bathroom, updated appliances, faucets and lighting fixtures.
The sales amount for the three properties came in at $56 million, or about $120,000 a unit. Three Pillars Gautam Goyal says the sale was in line with their specialty in Class B and C multifamily communities, “The success of these projects hinged on our mission to create accessible, high-quality rental homes to meet high demand across a variety of Houston submarkets.”
Three Pillars currently manages approximately 3,000 units across Houston and has completed more than $400 million in transactions.
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.