Westmount Realty Capital, LLC is pleased to announce the acquisition of Copper Mill, a well-constructed, garden-style multifamily community located at 15910 FM-529 in Houston.
FOR IMMEDIATE RELEASE
Dallas, TX (PRURGENT) -- Westmount Realty Capital, LLC is pleased to announce the acquisition of Copper Mill, a well-constructed, garden-style multifamily community located at 15910 FM-529 in Houston. Built in 1983, the well-maintained community 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.
“Copper Mill presented Westmount with the opportunity to acquire a well-positioned property with significant value-add opportunity,” said Michael Anderson, managing director-acquisitions for Westmount. “The property is currently 98 percent occupied and provides the opportunity to achieve above-market rent growth through renovation of unit interiors, upgraded amenities and improvement of 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, cabinets, kitchen countertops, appliances and upgraded solid surface flooring. Westmount has had success across its portfolio in boosting rents from these types of upgrades and has purchased more than 4,000 multifamily units in the state of Texas since 2012.
Interior amenities include washer and dryer connections, fireplaces, ceiling fans, custom built-in bookshelves, walk-in closets, private balconies and additional outdoor storage. The property also has highly desirable community amenities including a well-equipped business center, fitness center, resort-style pool, outdoor kitchen, dog park and gate-controlled access.
“The acquisition of Copper Mill has allowed Westmount to further strengthen its presence in Houston,” said Clifford Booth, president and CEO of Westmount. “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.”
Conveniently situated among several retail centers, Copper Mill provides residents with numerous dining, shopping, entertainment options with more walkability in the neighborhood. The property features tremendous drive-by visibility and provides residents with convenient access to the Greater Houston metropolitan area and a large number of employers via major thoroughfares including Interstate 10, Highway 6, Highway 290 and the Sam Houston Tollway.
Copper Mill is located in rapidly growing northwest Houston and will directly benefit from the Texas Department of Transportation’s program to update U.S. 290. The plan includes relocation of exit ramps farther from residential streets to provide safer and less congested conditions, while improving traffic flow. Copper Mill will directly benefit from this improvement plan because it is located along FM-529, a roadway with one of the highest traffic counts leading directly onto U.S. 290.
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About Westmount Realty Capital
Westmount Realty Capital, LLC 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 operating 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. For additional information, contact www.westmountrc.com.