Gautam Goyal Expands Portfolio with New Acquisition on his March to $1bn in Assets

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.

SOURCE Three Pillars Capital