Westmount Realty Capital Acquires Class ‘B’ Apartment Community

HOUSTON - Sept. 30, 2015 - PRLog -- Westmount Realty Capital (http://www.westmountrc.com/) is pleased to announce the acquisition of Summer Cove Apartments a strong Class “B” garden-style apartment complex in Houston.  The asset is located at 725 FM 1959, Houston, Texas 77034.  Formerly known as Summer Cove 1 and 2, Westmount is rebranding the well maintained apartment community as Westmount at Summer Cove.  The two-story project constructed in 1983 consists of 376 units on a 13.82 acre site, for an average of 27 units/acre.

Phase I of Summer Cove is 184 units in 13 buildings with an average unit size of 730 square feet.  Phase II has 192 units in 14 buildings, averaging 728 square feet per unit. The community is well-positioned in the Clearlake submarket of southeast Houston, centrally located between Interstate 45 and Highway 3, providing easy access to major business centers from the Houston medical center and central business district to the petrochemical industrial complexes. Its residents enjoy extensive common area amenities including a clubhouse, picnic area, business center, fitness center, three swimming pools, surface and covered parking, and limited access gates.

Summer Cove’s previous owner of 7 years maintained a stable occupancy level above 90%. In the last 12 months, occupancy averaged 96% and rents have increased 6.7% over the last 12 months as well with absolutely no concessions.. The seller completed nearly $1 million in recent capital improvements including new exterior paint, new roofs and a remodeled clubhouse and fitness center.

“Westmount was attracted to the Summer Cove property for several reasons,” commented Clifford A. Booth, president and CEO of Westmount. “The community is in excellent condition with little to no deferred maintenance. Since the property’s effective monthly rents are slightly lower than its direct competitors, we believe that through unit interior upgrades, we have a value-add opportunity.”  Such improvements including lighting and plumbing fixtures, cabinetry, countertops, appliances, brushed nickel accents and faux wood flooring. In addition, some exterior renovation will consist of updating the common areas and amenities, minor wood/stucco repair, landscaping, upgrades to the leasing office, parking lot repairs and  upgraded exterior lighting. Westmount also plans to revamp the pool area with new seating areas and new pool furniture, as well as the addition of an outdoor kitchen.

FRMC financing for the acquisition was arranged by the Dallas office of Holliday Fenoglio Fowler, LP.

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Westmount Realty Capital LLC (“WRC”) is a dynamic, privately held Dallas-based company with activities in commercial real estate investment, development and management. A value-add and opportunistic investor driven by market forces coupled with intuition for future trends, unlocking unrealized value through superior execution, the principals of WRC have a proven 30-year track record across market cycles, yielding strong investment returns for the company and its investors, in real estate transactions across the United States. For additional information, contact www.westmountrc.com.