Source: Westmount Realty / #Multifamily #Apartments
HOUSTON, TX - Westmount Realty Equities, LLC, a Dallas-based real estate investment company, has provided joint venture equity to ParaWest Group, an experienced operating partner in the Houston market, to acquire Beverly Palms Apartments located just 1.5 miles from the Galleria Shopping Mall in Houston, Texas. Beverly Palms, a 360-unit apartment community is scheduled to undergo a planned $1,000,000 renovation to transform and contemporize the property to compete with the newer and redeveloped apartments in the Galleria area. The property is currently at a stabilized occupancy level of 98%.
“The Galleria area is one of the strongest and most attractive apartment submarkets in Houston, and we’re pleased to be able to enter this market through the acquisition of Beverly Palms together with ParaWest Group which has been active in the Houston apartment market for the past five years,” according to Clifford Booth, President and CEO of Westmount.
Westmount Realty Equities is a Dallas-based private investment firm that provides equity and debt for U.S. real estate opportunities. The company provides family offices, institutional investors and high net worth individuals an alternative for diversifying their investment portfolios. Over the past 25 years, the experienced principals of Westmount have participated in over $2 billion of real estate transactions located across the United States.
ParaWest Group is an experienced apartment operator with a strong track record in the acquisition and repositioning of multifamily properties in the southwest US. With offices in Houston, Scottsdale and San Jose, ParaWest has positioned itself to take advantage of some of the most opportunistic real estate markets in the Southwest.