Indus Management Acquires Houston Asset
The company purchased a 144-unit workforce housing property in the Bellaire submarket with plans to boost the asset's value.
Mark VI. Image courtesy of JLL
Indus Management Group has acquired Mark VI, a 144-unit workforce housing community in Southwest Houston’s Bellaire submarket for approximately $12 million, according to Yardi Matrix. The seller, AK Interests, had acquired the property at 5606 Bissonnet St. in 2000.
READ ALSO: Workforce Housing Remains an Attractive Investment
Built in 1970, the property will be renamed The Atrium at 5606. The vintage asset consists of unrenovated and partially renovated units, comprising 59 percent and 41 percent, respectively. Amenities include on-site laundry facilities, covered parking, a swimming pool with poolside lounge area and six landscaped courtyards with seating.
The property is zoned to the highly ranked Bellaire High School. The deal marks Indus Management’s fourth acquisition in the affluent submarket, and the Houston-based property and asset management firm plans to upgrade the asset.
JLL marketed the property exclusively and procured the buyer. Directors Joey Rippel and Chris Young and Analyst Bailey Crowell led the Capital Markets team that represented the seller.
This past January, Indus Management purchased a 164-unit apartment community at 12630 Ashford Point Drive in Southwest Houston from 37th Parallel, paying $11 million for the property and securing an $8.2 million acquisition loan.
