JLL Capital Markets represented Pryzant Management in the sale of the 396-unit Sharpstown Garden Apartments workforce housing property in Southwest Houston. Indus Management acquired the property for an undisclosed sum.
The Sharpstown Garden Apartments total 334,150- square feet and consist of one-, two- and three-bedroom units. Ownership had managed the property since 1995 and spent $890,000 in renovations over the last four years, adding significant curb appeal with community amenities that include a clubhouse with fireplace and kitchen, kids’ community center and three pools with seating.
Located at 7575 Bissonnet Street, the property is easily accessible to Downtown Houston and Sugar Land and is just a few miles from abundant retail and grocery options such as Fiesta Mart and ALDI. The property is also within a few miles of Houston’s Galleria/Uptown District, which touts a live-work-play environment with over 30.6 million square feet of office space, more than 2,000 companies employing over 83,000 people and 6 million square feet of retail space.
Manu Gupta, M.D., managing director of Indus Communities who led the purchase of Sharpstown Garden. The JLL capital markets team representing the seller was led by senior directors Chris Young and Joey Rippel.
“We are excited to revitalize another community and continue our goal of reinventing excellence in the Houston housing market,” Gupta explains. “Every person deserves to be happy and proud of where they live, no matter who they are.”
Sharpstown Garden Apartments is located seven miles from Texas Medical Center, which is the largest medical complex in the world and the second largest employment center in the Houston metro. Also, it’s proximate to other prominent medical centers and hospitals in Southwest Houston, employing over 33,010 people within a five-mile radius.
“Stabilized workforce housing continues to be one of the most liquid asset classes in Houston, attracting healthy investor interest this year,” said Young. “Sharpstown Garden’s buyer pool was indicative of the strong investor appetite for Southwest Houston in particular.”