Berkadia announces it has arranged the sale of two workforce multifamily properties in a Qualified Opportunity Zone (QOZ) in Houston, Texas. Managing Directors Joey Rippel, Chris Young and Jeffrey Skipworth, Director Kyle Whitney, and Senior Managing Directors Todd Marix and Chris Curry of Berkadia Houston marketed The Alora and The Ellis on behalf of The Barvin Group, a private multifamily real estate investment company based in Houston. Indus Management, a multifamily management company also based in Houston, acquired the properties, for a combined total of 687 units.
“We are excited for the renovating and repositioning opportunities that The Alora and The Ellis offer in this close-in, densely populated submarket. Our resident programs should prove extremely beneficial to the residents of both properties and the surrounding area,” says Manu Gupta, Managing Director, Indus Communities.
Located at 5500 El Camino Del Rey, The Alora is a 400-unit, low-density, garden-style community that offers studio, one, two- and three-bedroom units ranging 500 square feet to 1,300 square feet. Individual units feature ceramic tile flooring, vaulted ceilings, updated lighting and hardware, a fireplace, kitchen pantries, built-in bookshelves, resurfaced countertops, white appliances, frost-free refrigerators with ice makers, walk-in closets and private patios or balconies. The community amenities include a pool with spa and sun deck, a fitness and business center, an enclosed sport court with bleachers, a picnic area with barbeque grills, a children’s playground, an enclosed dog park and covered parking.
Located at 5900 Bissonnet Street, The Ellis is a 287-unit garden-style, workforce housing community that offers one-, two- and three-bedroom units that average from 721 square feet to 1,147 square feet. Individual units feature faux wood flooring throughout, 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, built-in microwaves, kitchen pantries, walk-in closets and private patios or balconies. Community amenities include a pool with sun deck, picnic area with barbeque grills, a clubhouse coffee and tea bar, mature landscaping, clothes care centers and a large event and party room.
Situated close to all of Houston’s major employers, both The Alora and The Ellis are in walking distance to the METRO bus stops with prestigious private schools, in addition to driving distance to the Texas Medical Center, Downtown Houston, Uptown Houston and Memorial Hermann.