HOUSTON, TX - Westmount Realty Capital announced the acquisition of London Park, a well-constructed, Class “B” garden-style apartment property located at 14545 Bammel North Houston Road. Built in 1982, the well-maintained community has 257 one and two-bedroom units in 21 two-story buildings. Westmount is rebranding the 209,143 square foot apartment community 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, senior director-acquisitions at Westmount 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.”
In addition to the improvements that have already been made, Westmount plans to further improve unit interiors to include new lighting and plumbing fixtures, new cabinets, upgraded flooring, faux granite countertops and two inch faux wood blinds. Westmount has had success across its portfolio in boosting rents from these types of upgrades and has purchased more than 3,300 multifamily units in the state of Texas over the last five years.
Located on the north side of Houston on Bammel North Houston Road, 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, affording residents convenient access to the greater Houston metropolitan area. Westmount at London Park is near three main shopping districts, Champions Villiage, Willowbrook Mall and North Oaks Shopping Center. Additionally, the property 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 acquisition of London Park has allowed Westmount to strengthen its presence in Houston,” Clifford A. Booth, president and CEO of Westmount 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.”
One of the area’s largest employers, Schlumberger, which supports nearly 10,000 local jobs, is approximately seven miles from Westmount at London Park. The George Bush Intercontinental Airport and ExxonMobil’s Houston Campus are both approximately 13 miles from the property. Interstate 45 enables residents to quickly reach downtown Houston, which is home to large employers including MD Anderson Cancer Center, Chevron and JP Morgan Chase.
Financing was provided by Berkadia.
Westmount Realty Capital 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 trusted partner of numerous U.S. and foreign institutional and private capital sources. The company is active nationally, specializing in value add and opportunistic investments, and has navigated successfully through multiple market cycles.