HOUSTON – (Realty News Report) – Indus Management, a Houston-based multifamily firm, has acquired two workforce multifamily communities in a Qualified Opportunity Zone in Southwest Houston.
The two communities have a combined total of 687 units, according to the Berkadia real estate firm, which marketed the properties.
The seller was the Barvin Group, a Houston-based multifamily developer and investor.
Indus, which has made a number of value-add deals in Houston, said it will make significant improvements to the properties.
“We are excited for the renovating and repositioning opportunities that The Alora and The Ellis offer in this close-in, densely populated submarket. Our resident programs should prove extremely beneficial to the residents of both properties and the surrounding area,” says Manu Gupta, Managing Director, Indus Communities.
The Alora: 400 units – Located west of Chimney Rock Road and south of Westpark Drive at 5500 El Camino Del Rey, the Alora is a garden-style community that offers studio, one, two- and three-bedroom units. Individual units feature ceramic tile flooring, vaulted ceilings, updated lighting and hardware, a fireplace, kitchen pantries, built-in bookshelves, resurfaced countertops, white appliances, frost-free refrigerators with ice makers, walk-in closets and private patios or balconies.
The Ellis: 287 units. Located at 5900 Bissonnet Street, The Ellis is a garden-style, workforce housing community that offers one-, two- and three-bedroom units that average from 721 SF to 1,147 SF. Individual units feature faux wood flooring, ceiling fans in living areas and bedrooms, vertical and mini-blinds, resurfaced countertops, new cabinet doors, updated hardware and lighting, white appliances, frost-free refrigerators with ice makers, aand built-in microwaves.
Gupta of Indus Communities told the Houston Apartment Association’s State of the Industry breakfast in February 2019, that there are viable opportunities in buying Class C projects and spending $5,000 to $15,000 a unit to improve the properties.
About two years ago, Indus Management Group acquired the 144-unit Mark VI apartments, value-add community at 5606 Bissonnet St.
The Barvin organization – which sold the The Alora and The Ellis– led by Eric Barvin, has been spreading its reach beyond it home-base in Houston.
A year ago, Barvin, acquired the 324-unit Los Altos Trinity Green, formerly known as Alta Trinity Green apartments in Dallas.
In 2020, Barvin acquired the Rivera on Broadway, a 302-unit project at 1130 Broadway in San Antonio. In Houston, Barvin developed a 281-unit, five-story, wrap-style project near the corner of Knight Road and El Paseo near the Texas Medical Center in Houston.
In the fall of 2021, Barvin acquired the upscale 302-unit NOVEL Bishop Arts community in Dallas from Crescent Communities.
Bavin’s sale of The Alora and The Ellisto Indus was handled by Berkadia’s Joey Rippel, Chris Young and Jeffrey Skipworth, Kyle Whitney, Todd Marix and Chris Curry of Berkadia Houston.
Berkadia is a joint venture of Berkshire Hathaway and Jefferies Financial Group.
Jan. 29, 2022 Realty News Report Copyright 2022
File: Barvin Sells Two Projects
Image: The Alora. Courtesy Berkadia
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File: Value-add. Barvin Sells Two Project to Indus. Eric Barvin. Manu Gupta.