Indus Management Buys 1,343-Unit Houston Portfolio
The five assets came online between 1960 and 1978.
Indus Communities has purchased a multifamily portfolio in Southwest Houston, bringing its total assets to more than $1 billion. The five multifamily properties are pushing Indus Communities’ total number of units to more than 10,500. Three out of the five properties are located in Opportunity Zones and all of them were part of separate deals, some funded by Regions Bank, others by Frost Bank or First Horizon, Yardi Matrix data shows.
Park Pointe, formerly known as Plantation Place, is a 320-unit community located at 7900 Bellaire Blvd. Built in 1968, the asset encompasses one-, two- and three-bedroom units between 682 and 1,203 square feet. The 18-building property’s common-area amenities include six swimming pools, two laundry facilities and 310 parking spots.
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Costa Verde, formerly known as Forest Green, is a 265-unit property completed in 1972. Located at 7000 Fonvilla St., the 30-building community features one-, two- and three-bedroom units between 721 and 1,310 square feet. Common-area amenities include three swimming pools, two laundry facilities and 300 parking spots.
Bringing the footprint to more than $1 billion
Las Rocas, formerly known as Shadow Ridge, is a 213-unit community located at 5810 Fondren Road. Built in two phases, in 1960 and 1973, the property is composed of one-, two- and three-bedroom units between 640 and 1,287 square feet. Common-area amenities include a playground, a swimming pool, laundry facilities and 435 parking points.
Costa Maya, formerly known as Westwoof Ridge, is a 280-unit community completed in 1978. Located at 8323 Cinnamon Lane, the 20-building property offers one-, two- and three-bedroom units between 722 and 1,152 square feet. Common-area amenities include two swimming pools, two laundry facilities, a playground area and 300 parking spots.
The Fountains of Chimney Rock is a 265-unit, fully affordable community located at 5601 Chimney Rock Road. Completed in 1965, the 16-building property encompasses one-, two-, three- and four-bedroom units between 638 and 1,559 square feet. Common-area amenities include a playground, a clubhouse, laundry facilities, a swimming pool and 555 parking spots.
After closing the acquisition, the company usually sets its communities through an improvement plan with upgrades such as security cameras, roof improvements, common-area upgrades, new plumbing fixtures or appliances.
Earlier this month, Berkadia closed two deals in the Houston market: the sale of a 206-unit affordable community in Tomball, Texas, and the sale of Timberwalk, a 300-unit multifamily community. Berkadia worked on behalf of the sellers, Sentinel Capital and Performance Properties.