June 5, 2018
Westmount Realty Capital LLC sold the 362-unit Beverly Palms, a Class B apartment complex near Houston’s Galleria submarket to a Houston buyer.
Westmount acquired the complex at 6061 Beverly Hills St. in October 2012, investing $1 million in renovations. “By updating the property’s exterior with a fresh coat of paint, adding architectural enhancements, upgrading the common areas and applying new finishes and fixtures inside the units, we were able to keep the property competitive with new developments in the neighborhood,” said Kevin Michels with Westmount.
Beverly Palms offers one, two and three-bedroom floorplans. Amenities include two resort-style pools, a playground, business center, fitness center and on-site convenience store. Chip Nash and Bob Heard with JLL represented the seller.
“The occupancy rate for Beverly Palms has remained well above the average of 89% for the Houston market,” said Westmount’s Clifford Booth. “The multifamily market in Houston is very strong right now, thanks to continued job growth and the stabilization in oil prices.”
For comments, questions or concerns, please contact Amy Sorter