Gaia, Starwood Acquire and Recapitalize 9,500-Unit Multifamily Portfolio

Gaia Real Estate and an affiliate of Starwood Capital Group agreed to invest $ 22.5 million of new equity to acquire and recapitalize PJ Finance Co., which filed for Chapter 11 bankruptcy protection in March 2011 and reemerged as a going concern on May 11, 2012.

PJ Finance’s assets include a multifamily portfolio with more than 9,500 multifamily units in major metropolitan areas throughout the Sunbelt region. More than 45% of units are in Dallas…
South Florida Commercial Real Estate News From CoStar Group