Westmount Realty Capital Acquires Houston Property
- Jan 31, 2017
Houston—Westmount Realty Capital has acquired London Park, a 209,143-square-foot Class B garden-style apartment in Houston and has rebranded the property as Westmount at London Park.
“Westmount has acquired a well-positioned, vintage Class B property with significant value-add opportunity through London Park,” Michael Anderson, Westmount’s senior director-acquisitions, said. “The property is currently 95 percent occupied and provides the opportunity to achieve above-market rent growth by renovating the unit interiors and improving property operations.”
Located at 14545 Bammel North Houston Road, the property was originally built in 1982, and offers 257 one- and two-bedroom units in 21 two-story buildings.
Westmount plans to further improve unit interiors, including the addition of new lighting and plumbing fixtures, upgraded cabinet and flooring, adding faux granite countertops and two-inch faux wood blinds.
According to Anderson, Westmount has seen success across its portfolio in boosting rents from these types of upgrades in the past, and has acquired more than 3,300 multifamily units in the state of Texas over the last five years.
Located on the north side of Houston, Westmount at London Park features tremendous drive-by visibility and access to major thoroughfares, including Cypress Creek Parkway (FM 1960), Highway 249, Interstate 45 and the Sam Houston Tollway. It’s situated near three main shopping districts—Champions Villiage, Willowbrook Mall and North Oaks Shopping Center—and is only 3.5 miles from Donald R. Collins Park, a 55-acre park offering lighted sports facilities, nature trails, a skate park and fishing.
The George Bush Intercontinental Airport and ExxonMobil’s Houston Campus are both approximately 13 miles from the property.
“The acquisition of London Park has allowed Westmount to strengthen its presence in Houston,” Clifford A. Booth, Westmount’s president and CEO, said. “As a major corporate center, Houston is home to 23 Fortune 500 companies and the property’s location allows residents to easily commute to the city’s major employers.”