HOUSTON – (Realty News Report) – Westmount Realty Capital has acquired the 192-unit West End on Eldridge apartments in the Energy Corridor in west Houston.
The property, 2255 Eldridge Parkway, will be rebranded as Westmount at Eldridge.
The Energy Corridor apartment complex is the 14th multifamily project in Texas for Westmount Realty Capital, a Dallas-based firm.
155 Percent Population Gain in Energy Corridor
“The Energy Corridor has seen a 155 percent population growth since 1990, but the supply pipeline has abated,” said Brant Brown, President & COO of Westmount. “This submarket welcomed a significant amount of new product coinciding with the 2015-2016 oil downturn that caused rents to decline and concessions to increase. With minimal future supply in west Houston’s ‘growth epicenter,’ no properties in lease-up and rents far below their previous peak made this property a solid investment to add to our growing multifamily portfolio.”
The seller, an entity affiliated with New York-based Duck Pond Realty acquired the project in 2015. The Duck Pond organization owns several multifamily developments in Houston, including two in downtown: the Eighteen25 Downtown and the 1414 Texas Downtown.
Developed in 1999, the Westmount at Eldridge community has amenities include a resort-style pool and a dog park.
“The Energy Corridor is a highly desirable location, home to many top employers including BP America, Citgo, ConocoPhillips, Shell, Sysco and Gulf States Toyota,” said Scott Ferguson, Senior Director of Multifamily Acquisitions at Westmount. “A lack of comparable sites and high material costs make Westmount at Eldridge difficult to duplicate.”
Westmount Realty Capital founder Cliff Booth, recently assumed a new role as Chairman and Brant Brown was named president.
Aug. 18, 2021 Realty News Report Copyright 2021
File: Westmount Buys Energy Corridor Project
Image: Courtesy Westmount Realty
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