Oct 1, 2015
27-building Summer Cove sold
CLEAR LAKE – Dallas-based Westmount Realty Capital has acquired the 367-unit Summer Cove apartment complex here.The two-story Class-B project, located on nearly 14 acres at 725 FM 1959, was built in...
CLEAR LAKE – Dallas-based Westmount Realty Capital has acquired the 367-unit Summer Cove apartment complex here.
The two-story Class-B project, located on nearly 14 acres at 725 FM 1959, was built in 1983.
Phase I consists of 13 buildings with 184 units averaging 730 sf. Phase II contains 14 buildings with 192 units averaging 728 sf.
Summer Cove’s previous owner maintained occupancy levels of about 90 percent. This past year, occupancy averaged 96 percent, and rents increased 6.7 percent with no concessions.
The seller, which owned the complex for seven years, completed nearly $1 million in capital improvements including new exterior paint, new roofs and a remodeled clubhouse and fitness center.
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