While technically founded in 2006, Westlake Housing, LP dates back to 1991 when its principals provided real estate and advisory services to various conduit lenders on $1.3 billion of securitized mortgages. Leveraging their knowledge of financing and real estate, the principals expanded into direct multifamily investment in 1994 with property management and construction services following shortly thereafter. From its first purchase in Garland, Texas, the principals went on to acquire and manage over 14,000 multifamily units in eleven states through 2002. In 2003, the property management and construction services businesses were spun off and became independent companies with separate ownership, but continued to provide management and construction services for the portfolio.
In 2006, however, the principals had become dissatisfied with outsourced property management and once again formed a new property management company (Westlake Housing, LP) to provide in-house management services exclusively for company-owned properties.