Makaan Investment Group Closes $120MM Prime Asset By Downtown Houston

Updated: Apr 19, 2023

Makaan Investment Group inches closer to becoming a billion-dollar company in its first two years with the closing of Bayou Park. The high-value acquisition adds $120MM to the company’s fast-growing multifamily portfolio in Texas.

“Our team is always on the lookout for promising multifamily opportunities. We were quick to close Bayou Park for its exquisite location and high value-add potential,” Makaan CEO Madina Shaik shares.

The 693-unit apartment complex built in 1971 stretches along Memorial Drive, offering comfortable living within the desirable areas of Neartown/River Oaks Submarket. It overlooks two lush open parks and is close to downtown Houston.

The team’s projections place Bayou Park’s IRR at around 21.61%, with a 2.42x Equity Multiple and cash-on-cash return at 9% on a holding period of 5 years.

Since the property closed in April 2022, Makaan has continually worked with the community to ensure Bayou Park thrives. “We are intent on delivering the best experience to our residents and, in turn, the best outcomes for our investors,” says Cris Alcalde.

A Nest of Leisure in Downtown Houston

A drive-by Bayou Park will quickly reveal the property’s charm. On the one side is the sprawling Buffalo Bayou Park with its share of recreational activities: biking and hiking trails, play areas, and cultural events. Another side of Bayou Park opens to Cleveland Park where residents can recharge with a game or two.

The property is surrounded by greenery and a leisurely ambiance. The same continues within the apartment complex, where residents can enjoy amenities to unwind. They can dip in the pools, enjoy quick runs, and center themselves in the fitness center.

Beyond comfort, however, the property offers proximity to premier retail, education, and entertainment providers and the largest employment centers in the area. A short commute can easily transport residents from their leisurely nest to the key locations in Houston’s business hub.

In a review, a resident shared, “ This is what I call prime location! Just a few minutes away from downtown and (has) easy access to the park where you can bike, run, or walk. Amazing views, and you can't beat the price.”

Bayou Park Apartments offers its residents a generous serving of upscale city living luxury for a fraction of the cost.

For more information on this property, see the details below.