Houston investor plans upgrades for vintage apartments near Bellaire

Houston-based Indus Management Group purchased an apartment complex in the 1970s from 5606 Bissonnet in the Bellaire sub-market.

According to the real estate broker JLL, Mark VI, a 144-generation complex on the west four acres of Chimney Rock, will be renovated and rebranded by new owners.

59{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} have not been renovated, 41{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} have been partially renovated, with an average of 887 square feet. The community is divided into Bellaire High School.

Manu Gupta, Director of Indus Management Group, said, “We are happy to uplift other communities in the area by introducing the atrium at 5606, formerly known as Mark VI Apartments. "This will be the fourth argument in the submarket."

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Amenities include a swimming pool, 6 landscaped courtyards, on-site laundry facilities and parking.

Joell Rippel, Chris Young, and Bailey Crowell of JLL have marketed and procured buyers of assets for AK Interests, the seller.

“Mark VI is a great acquisition of new capital to achieve value-added returns. "This is a very well maintained 1970s vintage asset with a long runway for added value, which is supported by a rent gap of over $ 1,000 compared to the new construction of the submarket."

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This property is in a qualifying opportunity area. In other words, investors who make improvements may receive tax benefits as part of a federal program designed to promote economic development. The complex is a few blocks east of the neighborhood of Sharpstown and about 4 miles southwest of Galleria.

Young said, “Enough workforce communities benefit from positions within qualified opportunity areas, which are also classified as top local schools.” "The assets that check all these boxes are rare, and more and more individuals and institutional investors are looking for them."

Indus Management Group manages about 7,000 apartments in the Houston area.

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