Indus Buys Houston Apartments, Market briefs

The Vanderbilt Court apartments in southwest Houston were purchased by Indus. Photo: Mabry Campbell

In Houston, Indus Management Group, a Houston-based firm led by Manu Gupta, bought the 164-unit Vanderbilt Court apartments, 12630 Ashford Point Drive, near the Westpark Tollway.

HFF’s Joey Rippel and Chris Young marketed the property on behalf of the seller, Thirty Seventh Parallel.

The southwest Houston apartment complex was built in 1983. Indus, with a 7,000-unit portfolio, is a value-add player that has purchased a number of Class C projects in recent years.

In remarks at the recent Houston Apartment Association annual outlook breakfast, Gupta said the low-end segment of the multifamily market is strong and he expects no slowdown in 2019.

Originally constructed in 1983, the Vanderbilt property features of a mix of efficiency units and one- and two-bedroom townhome units averaging 835 SF. Community amenities include a clubhouse, business center, fitness center, two resort-style swimming pools, hot tub and sundeck with outdoor dining space. More than $1.2 million of renovations to the property have been completed since 2011, including new roofing, all new HVAC systems, exterior painting, new signage and amenity improvements.