Westmount Realty Capital Hooks Houston’s Copper Mill
- Dec 11, 2017
Dallas-based commercial real estate company Westmount Realty Capital has acquired Copper Mill, a garden style apartment community in northwest Houston. The 34-year-old property encompasses 177,250 square feet and features 234 one- and two-bedroom apartments, as well as one-bedroom townhome floor plans. Situated at 15910 FM-529, the property will be rebranded under the new name Westmount at Copper Mill.
Experiencing a 98 percent occupancy rate, Westmount at Copper Mill offers Westmount Realty Capital the opportunity to leverage planned enhancements in order to achieve above-market rent growth. Upgrades will likely include renovation of unit interiors, enhanced amenities and property operation improvements.
“This is a submarket that comparatively had preserved good fundamentals during the recent energy crisis in the Class B space,” Westmount managing director-Michael Anderson told MHN.
“Within the submarket specifically, Copper Mill offers an unparalleled location with frontage along FM 529, Spencer Road, near the intersection of Highway 6, within walking distance to numerous national retailers and employment centers. The offering required a new investor to assume the existing financing. This stipulation greatly narrowed the field of potential investors we would be bidding against and thus allowed Westmount a higher probability of being selected as the winning bidder.”
In terms of timing, the loan assumption process can be very unpredictable, Anderson added. “Thankfully we have a great team [that] worked diligently to ensure this transaction maintained the course and was able to close within the timing parameters set forth in the contract,” he said. “We were very fortunate that Hurricane Harvey did not have a meaningful effect on the physical structure.”
Apartment features and finishes include fireplaces, ceiling fans, custom built-in bookshelves, walk-in closets, private balconies and washer-dryer connections.
Among the common-area amenities are a resort-style pool, fitness center, business center, outdoor kitchen, dog park and gate-controlled access.
Accessing job hubs
A number of restaurant, retail and nightlife options are closely situated to Westmount at Copper Mill. The property is also near several shopping centers. Highly visible from nearby roads, the apartment community enables residents to easily access the Greater Houston metropolitan area.
Area job centers are readily reachable through major thoroughfares that include Interstate 10, Highway 6, Highway 290 and the Sam Houston Tollway.
“Westmount has assembled a strong team of professionals to complete as much of the due diligence as possible on the front end of a transaction in an effort to mitigate any risks,” Anderson said. “We have experts in every field including construction, asset management, property management, due diligence and an experienced acquisition team to help ensure a smooth process and timely execution.”
Added Clifford Booth, Westmount president and CEO, “The acquisition of Copper Mill has allowed Westmount to further strengthen its presence in Houston. As a major corporate center, Houston is home to a thriving business economy that has diversified from its traditionally strong presence in the energy industry.”