Westmount Realty Capital Acquires Class ‘B’ Apartment Community
DALLAS – Sept. 14, 2016 — Westmount Realty Capital is pleased to announce the acquisition of the Forest Oaks Apartments, a strong Class “B” garden-style apartment property located at 2408 Forest Oaks Lane in Arlington, Texas. Westmount is rebranding the well maintained apartment community as Westmount at Forest Oaks. Constructed in 1980, the project consists of 164 units in 10 two and three-story buildings on a 7.45 acre site, for an average of 22.1 units/acre. 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,” Michael Anderson, Senior Director-Acquisitions at Westmount said. “Additionally, the location of Westmount at Forest Oaks is in an area of North Texas with a strong current and projected job growth.”
Westmount at Forest Oaks is strategically located at the center of the Dallas/Ft. Worth Metroplex. The property is minutes away from major employers such as DFW Airport, Lockheed Martin, GM and Bell Helicopter-Textron, Inc. Westmount at Forest Oaks, with entry on Brown Blvd., is a mixture of 116 one-bedroom units and 48 two-bedroom units.
“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 fauxwood 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.
Financing was provided by Berkadia through the Freddie Mac Value Add Program.
About Westmount Realty Captial
Westmount Realty Capital LLC (“WRC”) 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 trusted 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.