HOUSTON – Westmount Realty Capital of Dallas acquired the 376-unit Summer Cove Apartments, a Class B complex in southeast Houston near Ellington Field.
Westmount has renamed the apartment community, built in 1983, Westmount at Summer Cove.
A CBRE report recently noted that Houston’s Class B apartment market is very strong. At the Summer Cove Apartments, occupancy averaged 96 percent over the last 12 months.
Holliday Fenoglio Fowler, L.P. (HFF) a closed the sale of and secured financing for Summer Cove.
HFF marketed the property on behalf of the seller, Edgewood Properties. In addition, HFF secured a seven-year, 3.91 percent, fixed-rate acquisition loan on behalf of the buyer through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program.
Situated on approximately 13.82 acres, Summer Cove is located at 725 FM 1959 just off Interstate 45 within one half of a mile from Ellington Field and 17 miles southeast of downtown Houston. The property is close to major employment centers such as the Port of Houston, Hobby Airport and NASA. The 99.47-percent-leased asset has one- and two-bedroom floor plans averaging 729 square feet each.
The HFF investment sales team representing the seller was led by senior managing directors Todd Stewart and Todd Marix, managing director Chris Curry and associate director JC Clemens.
HFF’s debt placement team was led by associate director Tyler Ford.