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| 144-Unit Mark VI apartments in Southwest Houston’s affluent Bellaire submarket |
HOUSTON, TX – JLL announced 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.
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| Bailey Crowell |
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% unrenovated and 41% 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.
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| Joey Rippel |
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."
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| Manu Gupta |
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.
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| Chris Young |
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
Contact:
Olivia Hennessey
JLL Public Relations Specialist
Phone: +1 713 852 3403
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