June 17, 2015
DALLAS June 17, 2015 Westmount Realty Capital, LLC is pleased to announce the acquisition of the Braesridge Apartments located at 11100 Braesridge Drive in southwest Houston, Texas. Westmount is rebranding the garden-style apartment community as Westmount at Braesridge. The three-story, well-maintained asset constructed in 1982 consists of 542 units totaling 413,276 SF on 16.74 acres, for an average of 32 units/acre.
The apartments are a mix of one and two-bedroom units ranging from 550 square feet to 1,300 square feet with elevators to all 3rd floor units. Positioned in the Greater Fondren Southwest submarket of Houston, the location offers close access to the Houston medical center as well as several major transportation corridors including Beltway 8, Interstate 610 and US Highway 59. Residents of Braesridge enjoy extensive common area amenities including a clubhouse, complimentary assigned covered parking, social activities, a courtyard area with two gazebos, dining hall with full kitchen and 15 sets of tables, two swimming pools, a business center and limited access gates.
Clifford A. Booth, president and CEO of Westmount, commented, "Braesridge presents us the opportunity to acquire a well-located, 1980s property with significant upside potential." Westmount's planned interior upgrades will include lighting and plumbing fixture updates, cabinetry, countertops, appliances and faux wood flooring. Exterior improvements will address minor wood/stucco repair, landscaping, upgrades to the leasing office, parking lot repairs and upgraded exterior lighting. In addition, Westmount has budgeted to upgrade the pool area with new seating areas, pool furniture and the addition of an outdoor kitchen.
Booth added, "The property was built with high construction standards and has been well maintained. Therefore, we expect that the majority of our exterior and amenity renovation expenditures will be spent on value-add endeavors rather than curing deferred maintenance issues."
Financing for the acquisition was arranged by the Dallas office of NorthMarq Capital.
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Westmount Realty Capital LLC ("WRC") is a dynamic, privately held Dallas-based company with activities in commercial real estate investment, development and management. A value-add and opportunistic investor driven by market forces coupled with intuition for future trends, unlocking unrealized value through superior execution, the principals of WRC have a proven 20-year track record across market cycles, yielding strong investment returns for the company and its investors, in real estate transactions across the United States.