HOUSTON – (Realty News Report) – Indus Management Group, a Houston multifamily firm led by Manu Gupta, acquired the 144-unit Mark VI apartments, value-add community at 5606 Bissonnet St. in Southwest Houston, just west of Chimney Rock Road. JLL marketed the property on behalf of the seller, AK Interests, and procured the buyer.
The JLL Capital Markets team representing the seller was led by Directors Joey Rippel and Chris Young and Analyst Bailey Crowell.
“Mark VI is a great acquisition for fresh capital to achieve value-add returns,” Young said. “It is a very well-maintained, 1970s vintage asset with a long runway for value-add, which is supported by a more than $1,000 rent gap compared to new construction in the submarket. The infill, workforce housing community benefits from its location within a Qualified Opportunity Zone that is also zoned to top area schools. Assets that check all of these boxes are rare and increasingly sought after by private and institutional investors.”
The Mark VI, which sits on 4 acres, will be renamed The Atrium at 5606.
The property consists of 59% unrenovated and 41% partially renovated units, which average 887 square feet. The community is zoned to Bellaire High School, which was ranked as the No. 4 Best High School in the Houston Independent School District.
“We are excited to uplift another community in the area by introducing The Atrium at 5606, formerly known as Mark VI Apartments,” said Manu Gupta, managing director of Indus Management Group. “This will be our fourth acquisition in the submarket.”
Oct. 7, 2019 Realty News Report Copyright 2019
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