“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% occupied and provides the opportunity to achieve above-market rent growth by renovating the unit interiors and improving property operations.”

The garden-style apartment property is located at 14545 Bammel North Houston Rd. Located on the north side of Houston, Westmount at London Park features 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 access to the greater Houston metropolitan area. The property is near three main shopping districts, Champions Village, Willowbrook Mall and North Oaks Shopping Center. Additionally, the property is roughly 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,” Booth says. “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 7 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.

HOUSTON—The reports continue about the energy downturn and its effect on investors. One long-standing investor has taken a different approach, citing the notion that by and large, energy jobs are occupied by white-collar workers. Many of the city's renters don't fit that demographic and have housing needs just like everyone else, says Westmount Realty Capital.

Having operated in this city for decades with a commitment to its long-term viability, Westmount Realty Capital recently acquired the rebranded Westmount at London Park. Built in 1982, the community has 257 one- and two-bedroom units in 21 two-story buildings totaling 209,143 square feet.

“We are bullish on Houston and have several other deals in the works,” Clifford A. Booth, president and CEO of Westmount, tells GlobeSt.com. “We are a long-term believer of not buying based on energy prices. We think energy prices have stabilized with no near-term downside and most of our acquisitions are workforce properties, a demographic that hasn't been affected by the energy crisis, i.e. drilling in West Texas .” (Related: The business community has diversified beyond energy, resulting in net positive job growth during the last 18 months.)

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, countertops and blinds. Westmount has had success boosting rents across its portfolio from these types of upgrades and has purchased more than 3,300 multifamily units in Texas during the last five years.

“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% occupied and provides the opportunity to achieve above-market rent growth by renovating the unit interiors and improving property operations.”

The garden-style apartment property is located at 14545 Bammel North Houston Rd. Located on the north side of Houston, Westmount at London Park features 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 access to the greater Houston metropolitan area. The property is near three main shopping districts, Champions Village, Willowbrook Mall and North Oaks Shopping Center. Additionally, the property is roughly 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,” Booth says. “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 7 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.