ARLINGTON, TX—As a result of an off-market transaction, a garden-style complex is set to get a facelift in an area rife with aviation-centric companies. Westmount Realty Capital recently acquired Forest Oaks Apartments, a class-B property located at 2408 Forest Oaks Ln., with an entry point on Brown Boulevard.
Constructed in 1980, it consists of 164 units in 10 two- and three-story buildings on a 7.45 acre site for an average of 22.1 units per acre. The complex is a mixture of 116 one-bedroom units and 48 two-bedroom units.
Westmount is rebranding the apartment community as Westmount at Forest Oaks. With this acquisition, Westmount has purchased a total of 3,850 multifamily units and 3.16 million square feet since 2011.
“This property provided Westmount an off-market acquisition opportunity with a strong potential for successful repositioning,” says Michael Anderson, senior director-acquisitions at Westmount. “Additionally, the location of Westmount at Forest Oaks is in an area of North Texas with a strong current and projected job growth.”
The property is minutes away from major employers such as DFW Airport, Lockheed Martin, GM and Bell Helicopter-Textron Inc.
“Westmount at Forest Oaks presented us the opportunity to acquire a well-maintained vintage 1980 class-B property with significant upside potential through additional amenity offerings and unit interior upgrades including lighting and plumbing fixtures, cabinetry, countertops, appliances, brushed nickel accents and faux-wood flooring,” Clifford A. Booth, president and CEO of Westmount said. “Westmount has had success across its portfolio in boosting rents through these types of upgrades, particularly when the upgrades are completed in conjunction with an exterior renovation program.”
The exterior improvements will consist 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 renovate the pool area with new seating areas and new pool furniture, as well as the addition of an outdoor kitchen.
“Westmount's time-tested acquisition strategy targets 'off market' opportunities in areas with strong job growth and this property will be a sound addition to our portfolio,” Booth tells GlobeSt.com. “The well-maintained Westmount at Forest Oaks was built to excellent construction quality, which will allow us to focus on value-add interior and exterior upgrades.”
Financing was provided by Berkadia through the Freddie Mac value-add program.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
ARLINGTON, TX—As a result of an off-market transaction, a garden-style complex is set to get a facelift in an area rife with aviation-centric companies. Westmount Realty Capital recently acquired Forest Oaks Apartments, a class-B property located at 2408 Forest Oaks Ln., with an entry point on Brown Boulevard.
Constructed in 1980, it consists of 164 units in 10 two- and three-story buildings on a 7.45 acre site for an average of 22.1 units per acre. The complex is a mixture of 116 one-bedroom units and 48 two-bedroom units.
Westmount is rebranding the apartment community as Westmount at Forest Oaks. With this acquisition, Westmount has purchased a total of 3,850 multifamily units and 3.16 million square feet since 2011.
“This property provided Westmount an off-market acquisition opportunity with a strong potential for successful repositioning,” says Michael Anderson, senior director-acquisitions at Westmount. “Additionally, the location of Westmount at Forest Oaks is in an area of North Texas with a strong current and projected job growth.”
The property is minutes away from major employers such as DFW Airport,
“Westmount at Forest Oaks presented us the opportunity to acquire a well-maintained vintage 1980 class-B property with significant upside potential through additional amenity offerings and unit interior upgrades including lighting and plumbing fixtures, cabinetry, countertops, appliances, brushed nickel accents and faux-wood flooring,” Clifford A. Booth, president and CEO of Westmount said. “Westmount has had success across its portfolio in boosting rents through these types of upgrades, particularly when the upgrades are completed in conjunction with an exterior renovation program.”
The exterior improvements will consist 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 renovate the pool area with new seating areas and new pool furniture, as well as the addition of an outdoor kitchen.
“Westmount's time-tested acquisition strategy targets 'off market' opportunities in areas with strong job growth and this property will be a sound addition to our portfolio,” Booth tells GlobeSt.com. “The well-maintained Westmount at Forest Oaks was built to excellent construction quality, which will allow us to focus on value-add interior and exterior upgrades.”
Financing was provided by Berkadia through the
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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