GAIA Real Estate has invested in the Rice Military/Washington Corridor area.

The New York-based company purchased the 372-unit Virage on Memorial at 100 Detering Street, according to a press release. The seller was Dallas-based Crow Holdings, according to recorded deeds. The price was not disclosed, but the assessed value of the property is $83 million ($223,000 per unit), up $1 million from last year.

The six-story building, developed by Greystar in 2014, lists rents of $1,400 to $3,400 for one to three bedrooms. Attorneys Moty Ben Yona of Smith, Gambrell & Russell LLP and Stuart Lautin of Higier Allen & Lautin PC represented GAIA in the transaction.

This is GAIA’s third Class A multifamily purchase in the Sun Belt since last year, when it purchased the 308-unit 101 Depot, at 101 South Lowry Street in the Nashville suburb of Smyrna, and the 269-unit Avila Apartments at 2880 Avila Cross Circle. in the Orlando suburb of Oviedo.

The three assets are valued at $250 million, according to the release. That would be nearly $263,500 per unit, based on an average of the three markets.

GAIA CEO Danny Fishman suggested in the statement that the assets were purchased at “a significant discount to 2021-2022 values.”

“Sun Belt markets have long-term structural demand drivers. We believe the oversupply trend is easing and our plan is to acquire assets ahead of expected growth. »

Harris County, Houston, has one of the fastest growing populations in the country, according to the U.S. Census Bureau. The Houston metro area is expected to add 394,000 people by 2029.

Residential rents are on the rise, increasing 1.5 percent in the third quarter, according to Newmark. Class A rents increased 1.7 percent during the same period, due to population and employment growth coupled with a relatively insufficient supply of new construction. Fewer than 14,000 units were under construction in the third quarter, far fewer than in any other Texas metro.

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“We believe the Houston multifamily market has one of the most compelling supply and demand stories in the United States today,” David Kusy, GAIA partner and managing director of acquisitions, said in the release .

The company has been invested in the Houston multifamily market since 2011, where it owns 6,400 units across 21 properties.