January 12, 2015— Westmount Realty Capital, LLC is pleased to announce the acquisition of the Villas at Montierra, a 357-unit, individually metered class ‘B’ apartment complex constructed in 1984. Situated on 10.85 acres, the property is well located at 1615 John West Road just north of Interstate-30 along Buckner Boulevard in Dallas, Texas. This dynamic location, an area offering many retail and employment centers, also allows for a 10 minute commute to downtown Dallas and easy access to public and school transit systems.
Consisting of 28 buildings in 2 phases, the property is currently 95% occupied in a submarket with 95%+ average occupancy. Facades are brick veneer and hardie plank siding exteriors with new, 40-year pitched composition shingle roofs. Property amenities include a large centralized swimming pool, washer/dryer connections, onsite laundry facilities, patios with outside storage and a large playground and picnic area. With an average unit size of 735 SF and an even mix of 50% one bedroom / 50% two bedroom units, the property is well situated to fit the needs of families with children in the surrounding area.
Westmount has renamed the community “Highland Bluffs” and views this acquisition as an opportunity to acquire a mid-80’s vintage asset in an infill location and create significant value by undertaking capital improvements and improving management. Recently upgraded competing product in the neighborhood has demonstrated the opportunity to capture additional rents through interior upgrades and improved amenities. Clifford A. Booth, president and CEO of Westmount, commented, “By bringing rents and economic occupancy to market level, Westmount can create tremendous value and enhance the neighborhood.”
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