Indus Management Group Acquires Houston Asset
Vanderbilt Court, located in southwest Houston, was purchased for $11 million. The buyer secured an $8.2 million loan for the property.
Indus Management has acquired a 164-unit apartment community in Houston from seller 37th Parallel. The buyer paid $11 million for the property and secured a $8.2 million loan from IberiaBank for the acquisition, according to Yardi Matrix data.
Vanderbilt Court is located at 12630 Ashford Point Drive in Southwest Houston, offering easy access to the Westpark Tollway and interstates 10, 69 and 610.The five-acre property was built in 1983 and has undergone $1.2 million in renovations since 2011, including new roofing, new HVAC systems, exterior painting, new signage and amenity improvements.
The community offers a mix of studio, one- and two-bedroom units with an average size of 835 square feet. Resident amenities at the property include a clubhouse, business center, fitness center, two swimming pools, a hot tub and sundeck.
An HFF team including Directors Joey Rippel and Chris Young represented the seller in the transaction.
“The rent gap between new construction and Class B and Class C units increased to $605 in Houston in 2018, further solidifying the interior value-add story for owners and operators,” Rippel told MHN. “With more than 450,000 Class B and Class C units in the market and these units driving rent growth citywide, Houston continues to be one of the hottest markets in the nations for workforce housing.”
Earlier this month, Guefen Development secured a $14.3 million refinancing package for its recently built 150-unit community in the Houston suburb of Spring, about 25 miles north of downtown Houston.
Image courtesy of HFF