West End on Eldridge sold to Westmount Realty Capital
HOUSTON (Aug. 30, 2021) – Berkadia announces it has arranged the sale of West End on Eldridge, a 192-unit apartment community located in Houston’s Energy Corridor submarket. Senior Managing Directors Chris Curry and Todd Marix, Managing Directors Joey Rippel, Chris Young and Jeffrey Skipworth, and Director Kyle Whitney of Berkadia Houston represented the seller, Duck Pond Realty Management, a multifamily owner and developer based in Melville, New York. Westmount Realty Capital, a real estate developer based in Dallas, Texas acquired the property.
This transaction marks this team’s first closing under the Berkadia banner since they joined the firm’s investment sales platform earlier this year.
“The buyer acquired West End on Eldridge at a very attractive basis relative to replacement cost,” said Curry. “Houston is one of the few markets where this is still possible today.”
“The property benefited from a robust Houston spring and summer leasing season and demonstrated impressive growth on lease trade outs throughout the disposition,” added Marix. “In a rapidly rebounding Energy Corridor submarket with limited new supply going forward, West End has considerable value-add potential and is positioned for growth.”
Located at 2255 Eldridge Parkway, West End on Eldridge was built in 1998 and renovated in 2009. The apartment community offers one- and two-bedroom apartments ranging from 708 square feet to 1,148 square feet. Units feature wood-burning fire places, washer and dryers, wood-style flooring, large kitchen pantries, spacious walk-in closets, stainless steel appliances and private patios or balconies. Community amenities include outdoor grilling and a lounge area, a resort-style pool with a sun deck, covered parking spaces, a 24-hour fitness studio and a yoga studio.
The property is situated in the heart of Houston’s Energy Corridor, approximately 40 minutes from both downtown Houston and George Bush Intercontinental Airport, with easy access to I-10 and the Westpark Tollway.