JLL announced today that it has closed the sale of Mark VI, a 144-unit, value-add multi-housing community in Southwest Houston’s affluent Bellaire submarket.
JLL marketed the property exclusively on behalf of the seller, AK Interests, and procured the buyer, Indus Management Group.
Mark VI, which will be renamed The Atrium at 5606, is situated on approximately four acres at 5606 Bissonnet Street near Houston’s largest employment centers, including the Galleria area, Texas Medical Center and downtown, as well as the city’s top lifestyle amenities. Originally constructed in 1970, the property consists of 59 percent unrenovated and 41 percent partially renovated units, which average 887 square feet. The community is zoned to Bellaire High School, which was ranked as the No. 4 Best High School in the Houston Independent School District. Community amenities include a swimming pool with poolside lounge area, six landscaped courtyards with seating, on-site laundry facilities and covered parking.
“We are excited to uplift another community in the area by introducing The Atrium at 5606, formerly known as Mark VI Apartments,” said Manu Gupta, managing director of Indus Management Group. “This will be our fourth acquisition in the submarket.”
The JLL Capital Markets team representing the seller was led by Directors Joey Rippel and Chris Young and Analyst Bailey Crowell.
“Mark VI is a great acquisition for fresh capital to achieve value-add returns,” Young said. “It is a very well-maintained, 1970s vintage asset with a long runway for value-add, which is supported by a more than $1,000 rent gap compared to new construction in the submarket. The infill, workforce housing community benefits from its location within a Qualified Opportunity Zone that is also zoned to top area schools. Assets that check all of these boxes are rare and increasingly sought after by private and institutional investors.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About Indus Management Group
Founded in 2002, Indus Management Group is a property and asset management company specializing in the renovation and restoration of distressed multifamily properties. Indus currently manages 28 apartment communities in the Houston area. The company focuses on repositioning Class B and C communities and currently has approximately 8,000 units under management with 6,500 homes Blue Star Certified by the City of Houston, the largest number of Blue Star Certified units by one management company in the City of Houston.
About JLL
JLL is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
