DALLAS-An attractive location combined with some good forecastedmarket potential has enticed Westmount Realty CapitalLLC and a local operating partner to buy the 364-unitGreens Crossing Apartments. The duo plans toinvest $1.2 million in the 1980s-built multifamily property, withan eye toward filling it up and pushing occupancy rates.

"If you look at it from a macro perspective, you see thecontinued move away from home ownership," comments CliffordA. Booth, president and CEO of Westmount. He tellsGlobeSt.com that there is plenty of multifamilyproperty construction going on locally and nationally – but much ofthat is on the higher end. The 74% occupied Greens Crossing at10700 Woodmeadow Pkwy. is a B-minus asset, but the right investmentand upgrades combined with growing renter demand for lower-pricedproperties could lead to a good return on investment forWestmount.

"This property has great exposure and visibility on Interstate635," Booth explains. "It's in a good location, the bones are good,and there's a lot of mature landscaping. The problems are fixablewith capital management and a good work effort." Though Boothdeclined to discuss the sales price, he did note that themultifamily property was acquired from the San Francisco-basedseller for less than a third of the replacement cost. TheDallas Central Appraisal District values the assetat $6.7 million.