Sedona Ridge

CHALLENGE

Located in a northeast suburb of Dallas, the apartments at 11100 Walnut Hill Lane suffered from a combination of poor planning and neglect. Originally built in 1983 and last renovated in 1996, Westmount acquired the property from a bank in 2011. The property had a healthy occupancy rate of 87%, but was hindered by a severe lack of parking space. Our acquisitions team identified this as a main factor preventing occupancy growth.

 SOLUTION

When Westmount acquired the asset, we implemented a revitalization program which included performing immediate repairs and identifying critical issues. We received approval from the City of Dallas to construct new parking spaces on an adjacent parcel of land, alleviating one of the main factors inhibiting occupancy growth. Westmount re-branded the apartments as Sedona Ridge following the stabilization of the property and sold it two years later for considerable gain. At the time of sale, value-per-unit had more than doubled from $12,500 to $26,500.

TAKEAWAY

Identifying value-add opportunities has always been a core strength of Westmount. In the case of Sedona Ridge, we identified the lack of parking and its impact on occupancy as a crucial factor hindering the asset’s potential. As a result, net operating income exceeded budget by 29% in the first quarter of 2013 prior to sale. Our  experienced property management and acquisitions teams executed on opportunities quickly, allowing us to capitalize the property in just over two years.

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