Beverly Palms

OPPORTUNITY

The 362-unit apartment property, located 1.5 miles from Houston’s Galleria shopping complex, was constructed in the late 1960’s and early 1970’s. Beverly Palms is located in the Class “A” Galleria submarket of Houston, one of the strongest performing economic metro areas in the nation. The property is ideally situated between Interstate 10 (north) and U.S. Hwy 59 (less than 1/2 mile south), serving residents in the Galleria and Greenway Plaza business sectors.

SOLUTION

As one of the first multi-family properties acquired by Westmount after the recession, Beverly Palms was purchased off-market during an optimal time in the market cycle to take advantage of the coming upswing in real estate prices. In addition, Westmount completed a $1.7 million renovation program which included new signage, landscaping, painting, pool updates, and interior renovations, further increasing the property’s cash flow. In 2018, Westmount received an unsolicited offer and the property was sold.

TAKEAWAY

Beverly Palms is a prime example displaying the upside of Westmount’s value-add strategy that is grounded on buying right in premier locations. Combined with efficient management, judicious capital improvements, and stronger than anticipated market performance throughout the hold period, the project achieved results that greatly outperformed underwritten returns.

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