Elm Real Estate Group, LLC closed construction financing for The Westermark, a 165-unit Class-A multifamily development in Houston, Texas, adjacent to Sugar Land, Texas.
Wintrust Commercial Real Estate provided the construction loan, and Fundrise invested as the preferred equity partner. Patterson Real Estate Advisory Group advised Elm on the capital raise.
The Westermark will be developed on approximately five acres and will consist of two five-story, elevator-served residential buildings in a surface-parked configuration. The project will offer a mix of studio, one-, two-, and three-bedroom units. Amenities will include a pool deck, fitness center, coworking space, resident lounge, and outdoor gathering areas.
The area constitutes one of Houston’s strongest suburban submarkets, supported by above-average household incomes, population growth, and access to major employment centers, including Downtown Houston, the Texas Medical Center, and the Galleria area. The Westermark will deliver new institutional-quality rental housing in a submarket that has seen limited recent multifamily development and is within the well-regarded Fort Bend Independent School District.
