Class-A Multifamily Continues to Charm Investors
Westmount at the Colonnade is strategically located within minutes of major employers including GM’s assembly plant, which recently underwent a $1.4 billion expansion, adding 3,179 jobs and 1.2 million square feet.
GRAND PRAIRIE, TX—Westmount Realty Capital LLC acquired Westmount at the Colonnade, a class-A garden-style apartment community located at 2815 Osler Dr., in 2015. Westmount undertook a $1.4 renovation to update and modernize the community prior to its recent disposition.
“Westmount provided modern amenity offerings, exterior upgrades and unit interior upgrades including lighting and plumbing fixtures, cabinetry, countertops, appliances, brushed nickel accents and faux wood flooring,” said Brant Brown, CFO and COO for Westmount. “These renovations allowed the property to remain competitive and maintain a 93% occupancy rate.”
Constructed in 2001, Westmount at the Colonnade includes 192 units on an 11.19-acre site with an average of 17 units per acre. The community has a mixture of two- and three-story buildings with one-, two- and three-bedroom units ranging in size from 772 square feet to 1,258 square feet. Westmount at the Colonnade provides residents with 382 parking spaces and extensive common area amenities including a clubhouse, swimming pool with fountain, media and business center, fitness center and gated access.
“The Dallas/Fort Worth Mid-Cities area is booming and has been a key driver of rent growth in the North Texas market for the last 10 years,” said Clifford Booth, president and CEO of Westmount. “This submarket has a strong economic foundation and solid employment drivers that attract commercial real estate investors. Westmount is actively seeking value-add multifamily communities in robust markets like the Mid-Cities across the Southwest.”
Westmount at the Colonnade is strategically located within minutes of major employers including DFW Airport, Lockheed Martin, GM and Bell Helicopter-Textron Inc. GM’s assembly plant, located less than 1 mile from Westmount at the Colonnade, recently underwent a $1.4 billion expansion which added 3,179 jobs and 1.2 million square feet.
“Westmount has a distinguished track record of targeting ‘under the radar’ multifamily investments in almost every property class,” Brown tells GlobeSt.com. “Westmount has seen success by offering updated amenities, exterior renovations and unit interior upgrades.”