HOUSTON, May 14, 2024
/PRNewswire/ -- Gautam Goyal's Three
Pillars Capital, a leading real estate private equity firm,
announced today that it has acquired The Riviera at Clear Lake, a 288-unit Class-C
multifamily property in Houston,
TX. This acquisition represents a significant addition to
the firm's growing portfolio of high-performing assets on its march
to $1bn in assets.
The Riviera at Clear Lake
features a mix of one, two, and three-bedroom apartments,
strategically located to serve the well-established and vibrant
master-planned community of Clear Lake City in Houston, TX. The business plan for the
property includes a comprehensive renovation and repositioning over
the course of a two-year value-add program. This transformation
will focus on enhancing the property's appeal and providing a more
modern living experience for residents.
"Riviera at Clear Lake is a
great addition to my portfolio," said Gautam Goyal, Founder & CEO of Three Pillars
Capital. "This acquisition aligns with our strategy to invest in
high-potential properties and deliver exceptional value to our
residents and investors. We look forward to implementing our
renovation plan and creating a community that reflects the quality
and standards we are known for."
"Three Pillars has done well in a period where many Sponsors are
getting squeezed from higher interest rates, inflated expenses and
flat rent growth. Gautam and Josh are great stewards of capital and
steering their ship in the right direction. In most of our business
calls, their top priority is returning investor capital and doing
right by them," said Derek Fasulo
who leads the capital markets team at CBRE Houston and has secured
more than half a billion in loans for Three Pillars.
Three Pillars Capital is a vertically integrated Houston-based real estate private equity firm
with over two decades of combined experience in acquisitions and
asset management. The firm manages over $600M+in high-performing
assets, comprising approximately 4,500 units.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/gautam-goyal-expands-portfolio-with-new-acquisition-on-his-march-to-1bn-in-assets-302143986.html
SOURCE Three Pillars Capital