Westmount at Vista Ridge
Download Case Study- A
Asset Class
- 2013
Acquisition Year
- 5
Years
Held - 270
Number of Units
OPPORTUNITY
Formerly known as the “Alta Ridge Apartments”, this apartment complex was extremely well-kept and labeled Class A. Although the property was relatively new, being built in 2007, recent developments in the surrounding areas presented an opportunity to capture additional rents. The property is located close to several prominent destinations including the DFW Airport, Grapevine Mills & Vista Ridge Mall, Gaylord Texan Resort and the Great Wolf Lodge just to name a few. Westmount cited the location of the complex as a major source of value.
SOLUTION
Westmount acquired this 270-unit, garden style multifamily community in 2013. Shortly after, we implemented a $1.4 million renovation program, upgrading unit interiors and community amenities to increase rents. We rebranded the community as Westmount at Vista Ridge and sold it five years later.
TAKEAWAY
Though Westmount has a track record for Class B and C value-add investments, Class A properties are certainly not out of our expertise. Recognizing the property’s convenient proximity to Highway 121 and 35-E, our acquisitions team capitalized on a great-performing investment and made it even better. Our value-add process is applicable for all classes of multifamily properties across different sectors.
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