DALLAS, TX - Westmount Realty Capital, LLC, a Dallas-based real estate investment company, announced the sale of Westmount at the Colonnade, a Class “A” garden-style apartment community located at 2815 Osler Drive in Grand Prairie, Texas. Westmount acquired the property in 2015 and undertook a $1.4 renovation to update and modernize the well-maintained community.
“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 percent occupancy rate.”
Constructed in 2001, Westmount at the Colonnade consists of 192 units on an 11.19-acre site, for 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 in the center of the Metroplex, within minutes of major employers including DFW Airport, Lockheed Martin, GM and Bell Helicopter-Textron, Inc. GM’s assembly plant, located less than one mile from Westmount at the Colonnade, recently underwent a $1.4 billion expansion which included adding 3,179 jobs and 1.2 million square feet of space.
About Westmount Realty Capital: Westmount Realty Capital, LLC is a time-tested, privately held, Dallas-based commercial real estate company that has achieved exceptional performance, with a core team in place, for more than 30 years. Westmount is seen as an innovator and leading-edge company in the industry and is a relationship-driven trusted operating partner of numerous U.S. and foreign institutional and private capital sources. The company is active nationally, specializing in value add and opportunistic investments, and has navigated successfully through multiple market cycles.
For additional information, contact www.westmountrc.com