HOUSTON – (Realty News Report) – Westmount Realty Capital has acquired the 192-unit West End on Eldridge apartments, located in the Energy Corridor in west Houston.
The property at 2255 Eldridge Parkway will be rebranded as Westmount at Eldridge.
This Energy Corridor apartment complex represents Westmount Realty Capital’s 14th multifamily acquisition in Texas. Westmount is a Dallas-based investment firm expanding its portfolio across the state.
Energy Corridor Population and Market Context
“The Energy Corridor has experienced a 155 percent population increase since 1990, but the supply pipeline has slowed,” said Brant Brown, President & COO of Westmount. “A wave of new construction coincided with the 2015–2016 oil downturn, which pressured rents and increased concessions. With limited future supply in this high-growth area of west Houston, no properties currently in lease-up and market rents still below prior peaks, this asset presented an attractive opportunity to strengthen our multifamily holdings.”
The seller was an entity affiliated with New York-based Duck Pond Realty, which acquired the project in 2015. Duck Pond Realty owns several multifamily properties in Houston, including two downtown projects: Eighteen25 Downtown and 1414 Texas Downtown.
Built in 1999, the Westmount at Eldridge community offers a variety of resident amenities, including a resort-style pool and a dog park. The property’s location and amenity package support stable resident demand.
“The Energy Corridor is a highly desirable submarket and is home to numerous major employers such as BP America, Citgo, ConocoPhillips, Shell, Sysco and Gulf States Toyota,” said Scott Ferguson, Senior Director of Multifamily Acquisitions at Westmount. “A shortage of comparable development sites and rising construction costs make Westmount at Eldridge difficult to replicate, enhancing its long-term value.”
Westmount Realty Capital recently made leadership changes: founder Cliff Booth moved into the role of Chairman while Brant Brown was promoted to President.
Aug. 18, 2021 Realty News Report Copyright 2021
File: Westmount Buys Energy Corridor Project
Image: Courtesy Westmount Realty
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