Westmount Realty Capital Acquires Class “A” Apartment Community

DALLAS - Nov. 3, 2015 - PRLog -- Westmount Realty Capital (http://www.westmountrc.com/) is pleased to announce the acquisition of the Colonnade Apartments, a strong Class “A” garden-style apartment property located at  2815 Osler Drive in Grand Prairie, Texas.  Westmount is rebranding the well maintained apartment community as Westmount at the Colonnade.  The project constructed in 2001 consists of 192 units on an 11.19 acre site, for an average of 17 units/acre.  With this acquisition, Westmount has purchased a total of 3,685 multifamily units and 2.9 million square feet since 2011.

Westmount at the Colonnade  is strategically located at the center of the Dallas/Ft. Worth Metroplex adjacent to Highway 360 within minutes of major employers such as DFW Airport, Lockheed Martin, GM and Bell Helicopter-Textron, Inc.  GM’s assembly plant, located less than one mile from Westmount at The Colonnade, has announced plans for a $1.4 billion plant expansion which includes raising the total number of employees at the plant to 3,179 and 1.2 million square feet of plant expansion.  The Colonnade is a mixture of two and three story buildings with sizes ranging from one-bedroom units from 772 square feet to three-bedroom units up to 1,258 square feet.  Residents enjoy 382 parking spaces, 9 foot ceilings with crown molding, extensive common area amenities including a clubhouse, swimming pool with fountain, media and business center, fitness center, and gated access.

Clifford A. Booth, president and CEO of Westmount, is pleased with the acquisition, saying, “Westmount at the Colonnade presented us the opportunity to acquire a well positioned, 2001 vintage Class “A” property with significant value-add opportunity through additional amenity offerings and unit interior upgrades including lighting and plumbing fixtures, cabinetry, countertops, appliances, brushed nickel accents and faux wood flooring.”

Booth continued, “The property was built to excellent construction quality, and has since been very well maintained. The exterior renovation will consists of updating the common areas and amenities, minor wood/stucco repair, landscaping, upgrades to the leasing office, parking lot repairs and  upgraded exterior lighting. Westmount also plans to revamp the pool area with new seating areas and new pool furniture, as well as the addition of an outdoor kitchen.”

FNMA financing for the acquisition was arranged by the Dallas office of Marcus & Millichap.

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Westmount Realty Capital LLC (“WRC”) is a dynamic, time-tested, high performance, privately held Dallas-based company recognized for its activities in commercial real estate investment, development and management. A value-add and opportunistic investor driven by market forces coupled with intuition for future trends, the principals of WRC have a proven 30-year track record across market cycles, yielding strong investment returns for the company and its investors, in real estate transactions across the United States. For additional information, contact www.westmountrc.com.