A Canadian Beginning, a Texan Future

Cliff’s real estate origin story begins in Montreal, Canada, where his family operated an antiques and art business. In the late 1970s, facing political uncertainty as Quebec flirted with separation from Canada, the Booth family relocated to Dallas, Texas. Initially intending to transplant their antiques enterprise, they instead stumbled into a real estate opportunity—a derelict Victorian mansion that would become Hotel St. Germain. That early renovation win became the springboard for Cliff’s real estate career.

Mentorship and the Power of Simplicity

Booth credits much of his early success to seasoned mentors from Montreal who emphasized fundamental investment principles over complexity. “Before we got dazzled with Argus runs,” Cliff says, “they taught me to focus on the basics—location, structure, rent roll.” That advice continues to guide Westmount’s strategy, even as the firm embraces advanced tools and analytics.

Evolution of a Portfolio

What started as a broad, deal-by-deal investment approach evolved into a focused strategy. Today, Westmount concentrates primarily on industrial and multifamily assets, comprising roughly two-thirds and one-third of its portfolio, respectively. While the company once dabbled in office and retail, it has since narrowed its focus, finding higher returns and less competition in niche sectors like cold storage and flex industrial.

Why the Midwest?

Though based in Dallas, Westmount has amassed significant holdings in the Midwest—an outcome Booth never anticipated. “Fifteen years ago, we barely owned anything there,” he reflects. “But better cap rates and less competition pulled us in.” While Cliff acknowledges challenges in competitive Sun Belt markets like Dallas and Houston, he remains committed to selectively building in those regions.

Cold Storage: Ahead of the Curve

Westmount’s foray into cold storage began serendipitously, when a tenant in one of their industrial buildings converted the space. That moment opened Cliff’s eyes to the sector’s long-term potential. Today, Westmount is developing state-of-the-art cold storage facilities, some with 50-foot clear heights to optimize pallet and cube efficiency. Despite a recent surge in development, Booth believes the demand—driven by e-commerce and fresh food logistics—will remain strong.

Strategic Flexibility in Capital

Westmount’s capital model—balancing institutional partnerships with private capital from over a dozen countries—gives it agility. The firm avoids rigid fund structures, preferring single-asset or programmatic joint ventures. This flexibility allows Westmount to hold or recapitalize assets based on market conditions rather than fund deadlines, ensuring value isn’t sacrificed for timing.

Lessons in Volatility: The Debt Trap

Having weathered multiple real estate cycles, Cliff’s top takeaway is clear: “What gets people in trouble is debt.” He recounted how over-leveraging—especially with floating rates, mezzanine, or preferred equity—has undone many investors during downturns. Westmount’s conservative stance on leverage has helped it stay resilient while others faltered.

Outlook: Staying the Course with Purpose

Looking forward, Westmount aims to scale what it already does well: cold storage development, light industrial, and targeted multifamily investments in non-rent-controlled markets like Texas, Phoenix, and Las Vegas. While the team continues to monitor office and retail opportunities, Booth remains cautious. Retail, especially unanchored strip centers, is back in favor, and Westmount is keeping a close eye.

Advice for the Next Generation

Booth concluded the conversation with heartfelt guidance for aspiring professionals. “Find your passion and specialize. Whether it’s brokerage, appraisal, or investment—success comes when you become an expert,” he advised. He also emphasized the importance of soft skills like listening and relationship building, calling them just as essential as financial modeling or technical prowess.

Final Thought
Cliff Booth’s journey—from reviving a Victorian mansion to pioneering cold storage development—is a masterclass in resilience, vision, and disciplined investing. His story reminds us that in commercial real estate, adaptability and fundamentals never go out of style.

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