HOUSTON—Westmount Realty Capital LLC has purchased more than 4,000 multifamily units in Texas since 2012 and had success across its portfolio in boosting rents by making various unit upgrades. It also knows the value of location.
Its latest acquisition is Copper Mill, a garden-style multifamily community located at 15910 FM-529 in the rapidly growing Northwest submarket. It has access to the Greater Houston metro area and a large number of employers via major thoroughfares including Interstate 10, Highway 6, Highway 290 and the Sam Houston Tollway. It will directly benefit from the Texas Department of Transportation's program to update US 290 because of its location along FM-529, a roadway with one of the highest traffic counts leading directly onto US 290. The plan includes relocation of exit ramps farther from residential streets to provide safer and less congested conditions, while improving traffic flow.
The newly acquired property is poised to take advantage of that traffic count. Built in 1983, Copper Mill has 234 one- and two-bedroom units, as well as one-bedroom townhome floor plans. The company will rebrand the 177,250-square-foot community as Westmount at Copper Mill.
“The property is currently 98% occupied and provides the opportunity to achieve above-market rent growth through renovation of unit interiors, upgraded amenities and improvement of property operations,” said Michael Anderson, managing director of acquisitions for Westmount.
In addition to the improvements that have already been made, Westmount plans to further improve unit interiors to include new lighting and plumbing fixtures, cabinets, kitchen countertops, appliances and solid-surface flooring. Interior amenities include washer and dryer connections, fireplaces, ceiling fans, custom built-in bookshelves, walk-in closets, private balconies and additional outdoor storage.
“Westmount has several multifamily properties in the Houston region and the acquisition of Copper Mill will allow us to further strengthen its presence in the area,” Clifford Booth, president and CEO of Westmount, tells GlobeSt.com. “We are actively seeking to acquire value add multifamily communities and portfolios within the Texas market.”
The property also has community amenities including a well-equipped business center, fitness center, pool, outdoor kitchen, dog park and gate-controlled access. Conveniently situated among several retail centers, Copper Mill provides residents with numerous dining, shopping, entertainment options and more walkability in the neighborhood.
“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,” Booth says.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
