Vintage apartment complex near Bellaire slated for upgrades
Houston-based Indus Management Group purchased Mark VI, a 144-unit apartment complex at 5606 Bissonnet. JLL’s Joey Rippel, Chris Young and Bailey Crowell marketed the property for the seller, AK Interests, and procured the buyer.
Located on four acres just west of Chimney Rock near Bellaire, the 1970s-era complex will be renovated and rebranded by the new owner. The units, of which 59 percent are unrenovated and 41 percent are partially renovated, average 887 square feet.
“We are excited to uplift another community in the area by introducing The Atrium at 5606, formerly known as Mark VI Apartments,” Manu Gupta, managing director of Indus Management Group said in an announcement. “This will be our fourth acquisition in the submarket.”
Mark VI is zoned to Bellaire High School. Amenities include a swimming pool, six landscaped courtyards, on-site laundry facilities and covered parking. The property is in a Qualified Opportunity Zone, meaning investors who make improvements can get tax benefits as part of a federal program designed to spur economic development.
29th Street Capital, a privately-held real estate operator with offices in San Francisco and Chicago, acquired the 14220 at Park Row Apartments, a 318-unit complex at 14220 Park Row built in the Energy Corridor in 1998. The seller was M-M Properties. The buyer plans to re-brand the property and implement a smart technology upgrade program. 29th Street Capital has acquired 10 properties in the Houston area in the past five years.
Western Wealth Capital of Canada purchased Lakes of 610, a 276-unit apartment complex at 2701 West Bellfort Ave. Berkadia arranged the sale and financing. The complex was built in 1983. Jennifer Ray and Ryan Epstein of Berkadia’s Houston office represented the seller, Starwood Capital Group. Andy Hill of Berkadia’s Austin office secured a $19.7 million acquisition loan.
Thomas Title leased 3,860 square feet of office space at 1800 West Loop South. Rin Willis of Belvoir Real Estate Group represented the tenant. Louann Pereira of Transwestern represented the landlord, KBS.
The General Services Adminstration renewed a 15,916square-foot lease on behalf of the Transportation Security Administration at Vibe Hobby, at 8876 Gulf Freeway near Hobby Airport. Zach Leger, Jacob Aldridge and Lane Travis of NAI Partners represented the landlord, Vibe Office Properties.
EF One - Fuqua LLC purchased 4.7 acres of land just off Fuqua Street near Cullen Boulevard in south Houston for a custom home development. Cotton Munson of Davis Commercial represented the seller, Banani Investments. Action Behavior Centers leased 10,709 square feet at 2620 Technology Forest Drive in The Woodlands. Elena Bakina of Colliers International represented the tenant in the lease negotiations with the owner, Black Forest Ventures. The company, which provides applied behavioral analysis therapy for children with autism, has six area locations.
Synaptic Solar leased 1,525 square feet at Windsor Business Park, 10511 Windsor Lane. Eric Broussard of Retail Solutions represented the landlord. William Allen McGrath of Landmark Commercial represented the tenant.
Garver leased 13,453 square feet of office space at 402 Harvey Mitchel Parkway South, College Station. Trace Elrod and Garrett Gibbons of Newmark Knight Frank represented the tenant. Stafford Barrett Commercial Brokerage represented the landlord.
R2 Logistics leased 992 square feet at 363 North Belt. Taylor Scheps of Newmark Knight Frank represented the tenant. Phoenix Realty Group represented the landlord, Realty Associates Fund X.
Greystone provided a $37 million, 10-year Fannie Mae seniors loan to refinance Watercrest at Shadow Creek Ranch, a 222-unit independent living community in Pearland. Cary Tremper of Greystone originated the loan on behalf of Integrated Real Estate Group and its affiliated operator, Integrated Senior Lifestyles. The property was built in 2017 with a mix of one-, two-, three-bedroom and villa residences.
Spring Stuebner Plaza, a 66,125-square-foot multi-tenant retail and office warehouse property at 3332-3336 Spring Stuebner Road in Spring, has changed hands. Both the buyer and seller were private investors. Josh LassSughrue and Jason Ridenbaugh of NAI Partners represented the seller, Spring Stuebner Realty.