HOUSTON – (Realty News Report) – Indus Management Group, a Houston-based multifamily firm led by Manu Gupta, has acquired the 144-unit Mark VI apartments, a value‑add community located 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 secured the buyer.
The JLL Capital Markets team representing the seller was led by directors Joey Rippel and Chris Young, with analyst Bailey Crowell.
“Mark VI is an excellent acquisition for fresh capital targeting value‑add returns,” Young said. “This well‑maintained, 1970s‑era asset offers a long runway for renovation and rent growth, supported by a rent gap of more than $1,000 compared with new construction in the submarket. The infill, workforce‑housing community benefits from its location within a Qualified Opportunity Zone and is zoned to top area schools. Properties that meet all of these criteria are rare and increasingly sought after by private and institutional investors.”
The Mark VI property sits on four acres and will be rebranded as The Atrium at 5606.
The community contains a mix of units—59% unrenovated and 41% partially renovated—averaging 887 square feet. The property is zoned for Bellaire High School, which ranks among the top high schools in the Houston Independent School District.
“We are excited to elevate another community in the area by introducing The Atrium at 5606, formerly Mark VI Apartments,” said Manu Gupta, managing director of Indus Management Group. “This marks our fourth acquisition in the submarket.”
Oct. 7, 2019 Realty News Report Copyright 2019
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