Houston-based Three Pillars added to the 3,000+ units already under their ownership, with the 544-unit Del Mar property in the Edgebrook community of Houston. They did it with the help of a 1031 exchange. “A 1031 exchange allows investors to snowball their initial investment into something potentially larger, and it’s a great vehicle for us because it brings in equity that we no longer have to raise,” said Three Pillars Gautum Goyal.
The community includes three pools and a fitness center. Three Pillars will start work on a wall to wall renovation that will include granite countertops, modern fixtures, and improvements to the bed and bathrooms.
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