Two garden-stye multifamily communities change hands in Houston

The Alora and The Ellis, two workforce multifamily properties located in a qualified opportunity zone (QOZ) in Houston, have sold to local multifamily management company Indus Management.

The seller was The Barvin Group, a private multifamily real estate investment company also based in Houston. Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, arranged the sale.

The Alora is a 400-unit, low-density, garden-style community that offers studio and one-, two- and three-bedroom units ranging from 500 square feet to 1,300 square feet. The Ellis is also 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.

The transaction involved a 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,” said Manu Gupta, managing dir