HOUSTON – (Realty News Report) – Indus Management, a Houston-based multifamily investment and management firm, has acquired two workforce multifamily communities located within a Qualified Opportunity Zone in Southwest Houston.
The combined portfolio comprises 687 units, according to Berkadia, the real estate advisory firm that marketed the properties.
The seller was the Barvin Group, a Houston-based developer and investor focused on multifamily assets.
Indus, which has completed several value-add transactions in the Houston market, plans to execute significant capital improvements and reposition both properties to better serve residents and enhance long-term performance.
“We are excited about the renovation and repositioning opportunities that The Alora and The Ellis present in this close-in, densely populated submarket. Our resident programs should provide meaningful benefits to tenants of both properties and the surrounding community,” said Manu Gupta, Managing Director of Indus Communities.
The Alora: 400 units – Situated west of Chimney Rock Road and south of Westpark Drive at 5500 El Camino Del Rey, The Alora is a garden-style community offering studio, one-, two- and three-bedroom floor plans. Select apartment features include ceramic tile flooring, vaulted ceilings, updated lighting and hardware, fireplaces, kitchen pantries, built-in bookshelves, resurfaced countertops, white appliances, frost-free refrigerators with ice makers, walk-in closets and private patios or balconies.
The Ellis: 287 units – Located at 5900 Bissonnet Street, The Ellis is a garden-style workforce housing community with one-, two- and three-bedroom units ranging from approximately 721 to 1,147 square feet. Unit upgrades include faux wood flooring, ceiling fans in living areas and bedrooms, vertical and mini blinds, resurfaced countertops, new cabinet doors, updated hardware and lighting, white appliances, frost-free refrigerators with ice makers and built-in microwaves.
Gupta has previously discussed Indus’s strategy of acquiring Class C projects and investing $5,000 to $15,000 per unit to drive value through targeted renovations and upgraded resident services.
About two years ago, Indus Management Group acquired the 144-unit Mark VI apartments, a value-add community located at 5606 Bissonnet Street.
The Barvin organization, led by Eric Barvin, has expanded beyond its Houston base in recent years. In the past several years the firm acquired the 324-unit Los Altos Trinity Green (formerly Alta Trinity Green) in Dallas, and the Rivera on Broadway, a 302-unit property at 1130 Broadway in San Antonio. In Houston, Barvin developed a 281-unit, five-story, wrap-style project near Knight Road and El Paseo close to the Texas Medical Center.
In the fall of 2021, Barvin acquired the upscale 302-unit NOVEL Bishop Arts community in Dallas from Crescent Communities.
The sale of The Alora and The Ellis to Indus was arranged by Berkadia’s Houston team, including Joey Rippel, Chris Young, Jeffrey Skipworth, Kyle Whitney, Todd Marix and Chris Curry.
Berkadia is a joint venture between Berkshire Hathaway and Jefferies Financial Group.
Jan. 29, 2022 Realty News Report Copyright 2022
File: Barvin Sells Two Projects
Image: The Alora. Courtesy Berkadia
Related book: Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins. Available on Amazon.
File: Value-add. Barvin Sells Two Projects to Indus. Eric Barvin. Manu Gupta.