|Clearlake's 376-unit Summer Cove falls under new ownership||Clearlake's 376-unit Summer Cove falls under new ownership||https://www.recenter.tamu.edu/news/newstalk-texas/?Item=10686||2015-10-05T05:00:00Z||2015-10-05T15:15:00Z|
CLEARLAKE - Westmount Realty Capital has acquired Summer Cove Apartments, a Class B garden-style apartment complex in Houston.
The asset is located at 725 FM 1959 in Houston. Formerly known as Summer Cove 1 and 2, Westmount is rebranding the apartment community as Westmount at Summer Cove.
The two-story project constructed in 1983 consists of 376 units on a 13.82-acre site.
Phase I of Summer Cove is 184 units in 13 buildings with an average unit size of 730 sf. Phase II has 192 units in 14 buildings, averaging 728 sf per unit.
The community is positioned in the Clearlake submarket of southeast Houston, centrally located between I-45 and Hwy. 3, providing easy access to major business centers from the Houston medical center and central business district to the petrochemical industrial complexes.
Summer Cove’s previous owner of seven years maintained a stable occupancy level above 90 percent. In the last 12 months, occupancy averaged 96 percent and rents have increased 6.7 percent over the last 12 months as well with absolutely no concessions.
|Company News Release||Houston-The Woodlands-Sugar Land||Multifamily|| http://westmountrc.com/|
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