Gaia, Menora Mivtachim and Amitim Acquire Multifamily Portfolio in Houston

HOUSTON — Gaia Real Estate, Menora Mivtachim Insurance and Amitim Senior Pension Funds have acquired a five-property, 1,376-unit portfolio located in Houston. Menora Mivtachim is an Israel-based insurance company and Amitim is Israel’s largest institutional organization. The Class B multifamily properties are concentrated amongst two locations in the Spring Branch/Bear Creek and Champions East submarkets. Amenities at the properties include swimming pools and spas, fitness centers, playgrounds, resident business centers, barbeque areas as well as covered parking. Gaia owns more than 16,500 residential units with 5,670 units spread throughout 19 properties in Houston. The company plans a comprehensive unit and exterior capital upgrade program and will rebrand some of the communities.