Westmount Buys West Houston Community
The company landed $40 million in acquisition financing.
Westmount Realty Capital has bought the 291-unit Station at Mason Creek in Katy, Texas. Argentic provided $40 million in acquisition financing, according to Yardi Matrix data. The seller was Allen Harrison Co. The new owner plans to renovate and rebrand the community, their 10th in the Houston area, as a luxury asset under the name Westmount at Mason Creek.
Built in 2001, the community offers a mix of one- to three-bedroom units, ranging from 650 to 1,300 square feet. The new owner plans to add quartz countertops, tile backsplashes and stainless steel appliances, said Scott Ferguson, Westmount’s senior director of multifamily acquisitions, in prepared remarks. Community amenities include a pool, fitness center, coffee bar, clubhouse and business center. Westmount plans to upgrade the pool area, outdoor kitchen and expand the fitness center.
Located at 21500 Park Row Drive, the community is in the Energy Corridor area, which has one of the highest concentration of jobs in West Houston and employers such as Shell, BP, Academy and Houston Methodist located along Interstate 10, which is 1 mile south of the property. Downtown Houston is some 25 miles east of the community, via I-10.
Houston is a hotbed for multifamily investment sales, with transactions volume marking a new high. Deals continue to emerge going into 2022, with recent sales including acquisitions by Civitas Capital, Kalkan Capital and Hazel Equity.