Westmount Realty Capital Acquires 14th Multifamily Property in Texas

 
HOUSTON - Aug. 16, 2021 - PRLog -- Today, Westmount Realty Capital announced the acquisition of West End on Eldridge, a Class A, Mediterranean-style apartment community located at 2255 Eldridge Parkway in the popular Energy Corridor in west Houston. The 192-unit multifamily community consists of one- and two-bedroom units averaging 911 square feet and is Westmount's sixth multifamily property in Houston. The property will be rebranded as Westmount at Eldridge.

"A lack of comparable sites and high material costs make Westmount at Eldridge difficult to duplicate," said Scott Ferguson, Senior Director of Multifamily Acquisitions at Westmount. "The Energy Corridor is a highly desirable location, home to many top employers including BP America, Citgo, ConocoPhillips, Shell, Sysco and Gulf States Toyota. Westmount's interior upgrades will include the addition of stainless-steel appliances, quartz countertops with undermount sinks and a tile backsplash. These enhancements along with planned amenity upgrades to the leasing office, outdoor pool and fitness center will create a true luxury boutique apartment community. A fetch package delivery program and pet yards will also be added to match nearby Class A amenities."

Developed in 1999, the property's community amenities include a resort-style pool with sun deck, outdoor grilling and lounge area, fitness center, yoga room, dog park, covered and garage parking and 24-hour emergency maintenance.

"The Energy Corridor has seen a 155% population growth since 1990, but the supply pipeline has abated," said Brant Brown, President & COO of Westmount. "This submarket welcomed a significant amount of new product coinciding with the 2015-2016 oil downturn that caused rents to decline and concessions to increase. With minimal future supply in west Houston's 'growth epicenter,' no properties in lease-up and rents far below their previous peak made this property a solid investment to add to our growing multifamily portfolio."

Westmount at Eldridge is strategically located near City Center, Memorial Mall, Ray Miller Park, Terry Hershey Park, George Bush Park and Bear Creek Pioneers Park. The property is also in top-rated Houston ISD school zones and is just 1 mile away from Lakes of Parkway, recognized as one of the most prestigious neighborhoods in all of Houston.

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About Westmount Realty Capital


Westmount Realty Capital, LLC is a time-tested, privately held, Dallas-based commercial real estate company that has achieved exceptional performance, with a core team in place, for more than 30 years. Westmount is seen as an innovator and leading-edge company in the industry and is a relationship-driven trusted operating partner of numerous U.S. and foreign institutional and private capital sources. The company is active within the U.S., specializing in value add and opportunistic investments, and has navigated successfully through multiple market cycles. For additional information, contact www.westmountrc.com. (http://www.westmountrc.com/)

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Tags:Westmount
Industry:Real Estate
Location:Houston - Texas - United States
Subject:Deals
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Page Updated Last on: Aug 18, 2021
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