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AIA Real Estate has made a significant investment in the Rice Military/Washington Corridor area with its purchase of the Virage on Memorial at 100 Detering Street. The New York-based firm acquired the 372-unit property from Dallas-based Crow Holdings for an undisclosed price, although its taxable value is $83 million ($223,000 per unit). This acquisition marks GAIA's third Class A multifamily purchase in the Sun Belt since last year.

    The six-story building, developed by Greystar in 2014, offers rents ranging from $1,400 to $3,400 for one to three bedrooms. Attorneys Moty Ben Yona and Stuart Lautin represented GAIA in the transaction. This deal is part of a larger strategy by GAIA to acquire assets ahead of projected growth in Sun Belt markets.

    GAIA CEO Danny Fishman hinted that the assets were purchased at a significant discount to 2021-2022 values, citing long-term structural drivers of demand and an abating oversupply trend. Houston's Harris County has one of the fastest-growing populations in the nation, with the city expected to add 394,000 people by 2029.

    The firm believes that the Houston multifamily market offers a compelling supply-demand story, with residential rents on the upswing due to population and job growth. GAIA has been invested in Houston's multifamily market since 2011, owning 6,400 units across 21 properties.