Westmount at Summer Cove is a 376-unit apartment complex constructed in 1983. The well-maintained community has been held by the same ownership for 14 years and has strong historical operating performance. The Property has been above 90% occupancy for well over a decade and averaged 96% for the last 12 months. Rents have increased 6.7% over the same time frame with absolutely no concessions. The Property is well-positioned , centrally located between Interstate 45 and Highway 3.
The community is in excellent condition with little to no deferred maintenance. Current ownership has completed nearly $1 million in capital improvements in the past year including new exterior paint, new roofs and a remodeled clubhouse and fitness center.
- Summer Cove in an attractive, Class B community with stable cash flows, consistent occupancy, a viable value-add story, and a close-in, growth-oriented location that is only 15 minutes from downtown Houston.
- Summer Cove has had the same ownership for 14 years, and this consistency of ownership over a prolonged period has contributed to its positive market reputation and excellent condition with little to no deferred maintenance.
- The property has been above 90% occupancy for well over a decade and averaged 96% for the last 12 months. Rents have increased 6.7% over the same time frame, and there are no current concessions.
- Trailing three-month rental income in March 2015 at Summer Cove is 10.5% higher than for the same period twelve months ago. Similarly, trailing three-month effective gross income in March 2015 is 12.6% higher than in March 2014.
- Summer Cove is located within walking distance to Ellington Airport which support the operations of the United States Military, the Dept. of Homeland Security, NASA, and a variety of general aviation tenants. Ellington supports 10,000 local jobs and contributes $641 million to the local economy.