January 31, 2017
Westmount Realty Capital acquired the 257-unit London Park, a Class B apartment complex in Houston. The Dallas-area buyer struck the deal with seller Fairfield Residential Co. LLC in San Diego, CA. The sales price was undisclosed, with the Harris Central Appraisal District assessing the 35-year-old property at $13.3 million.
Situated on more than nine acres at 14545 Bammel North Houston Rd., London Park will be rebranded Westmount at London Park. The new owner plans to make improvements, including upgrading unit interiors. The complex offers one and two-bedroom units in 21 two-story buildings.
“Westmount has acquired a well-positioned, vintage Class B property with significant value-add opportunity through London Park,” said Westmount’s Michael Anderson. “The property is currently 95 percent occupied, and provides the opportunity to achieve above-market rent growth by renovating the unit interiors and improving property operations.”
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