Gessner Estates, a 659-unit class-C apartment community, located on one of Houston’s major thoroughfares, west of the Galleria was acquired in July 2010. Following a loan default, the property was acquired from a Special Servicer with the assumption of the substantially modified existing CMBS loan and equity from a private investment group. A substantial renovation, including upgraded interiors, new roofs, boilers, siding, and paint, was completed. Gessner Estates became positioned at the top of its submarket with occupancy dramatically improved from the high 70% range to over 95%. The asset was sold in December 2013.