Westmount Realty Capital – 2022 End of Year Recap

As we reflect on the past year, we are proud to share of our 2022 closed acquisitions and sales with you. Our team worked hard to secure a diverse range of properties, and we are excited to share the details of these deals with you. From industrial buildings to multifamily apartments, we have expanded our portfolio and strengthened our presence across the country. This post will highlight our closed acquisitions and dispositions and provide insights into the market trends that have influenced these deals. Thank you for joining us on this journey, and we look forward to continuing to grow and thrive in the commercial real estate industry.


In total, we closed 13 deals, comprising of 7 ACQUISITIONS AND 6 SALES.

ACQUISITIONS: 1.1M square feet of commercial space and 436 multifamily units.

SALES: 1.7M square feet of commercial space and 945 multifamily units.

We are proud of these achievements and look forward to continuing to grow our portfolio and generate strong returns for our investors in 2023.

Plaza 85 Business Park - A 9-building, 191,526-square-foot industrial, office, and flex building portfolio located in Atlanta, GA

Plaza 85

Acquired in February 2022, Plaza 85 Business Park is a 9-building, 191,526-square-foot portfolio containing a strategic blend of industrial, office, and flex buildings. The property possesses a highly coveted infill location in Norcross, GA in the Northeast submarket, one of Atlanta’s top industrial submarkets. The property is situated less than 5 miles from the major Atlanta thoroughfare of I-285 and adjacent to I-85, enabling users rapid access to serve dense population centers in the metroplex.

Westmount at Winterpark

Acquired in April 2022, this two-story garden-style apartment community, formerly known as Lexington at Winter Park, is in the affluent and highly desirable Winter Park area of Orlando and features studio, one-, two- and three-bedroom units averaging 940 square feet. Westmount purchased the property in mid-2022 as the firm’s first Orlando-area multifamily acquisition and rebranded it shortly afterward.

Marietta Technology Center

Acquired in April 2022, this single-story flex industrial / office building is in the Cumberland / Galleria submarket of Marietta, northwest of Atlanta’s CBD via Interstate 75. With access to I75, I-285, and Cobb Parkway, the property provides users convenient access to markets throughout the Atlanta metro.

Westmount at Summer Cove

Sold in May 2022, the property formerly known as Summer Cove 1 and 2, is a two-story apartment project that was constructed in 1983 and consists of 376 one- and two-bedroom units totaling 274,112 square feet. The average square feet per unit is 730. It is built on a 13.82-acre site for an average of 27 units per acre.

Highland Bluffs a garden-style multifamily apartment complex in Dallas, Texas, built in 1984 with 357 units. The complex features lush landscaping and well-maintained grounds, creating a peaceful retreat for residents. Amenities include on-site laundry facilities and ample parking for residents and guests

Highland Bluffs

Sold in June 2022. Highland Bluffs is a Class B garden-style apartment community situated on 10.85 acres, located just north of Interstate-30 along Buckner Boulevard in Dallas. Its location features easy access to downtown Dallas as well as public and school transit systems. After the acquisition in late 2014, Westmount rebranded the property, formerly known as Villas at Montierra, as Highland Bluffs Apartments, and implemented capital improvement plans.

West Tech

Acquired in August 2022, the West Tech Portfolio contains five light industrial/office tech buildings located in the desirous western suburbs of Minneapolis. Two buildings are in Plymouth within the northwest submarket, two buildings are in Eden Prairie within the southwest submarket, and one building is in the south-central submarket of Minneapolis. The buildings were constructed in 1982, 1985, and 2001 with approximately 75% average office finish. The rent roll boasts credit tenancy such as Northrop Grumman, Idemia, and Sterilmed (a subsidiary of Johnson & Johnson). The total square footage of the portfolio is 316,752 SF.

Deer Park

Sold in August 2022, Deer Park is a single-tenant, 246,818-square-foot warehouse facility located in St. Augustine, roughly 45 miles south of Jacksonville, FL. Westmount purchased the property in late 2021, and it was our second Florida acquisition for the year following the acquisition of Interstate Business Park in Tampa, FL. Westmount was drawn to the asset’s institutional quality and attractive basis in one of the most desirable distribution submarkets in the Florida region.

5500 Oakbrook

Acquired in September 2022, 5500 Oakbrook is a two-building, 56,602-square-foot flex industrial complex located in Norcross, GA within Gwinnett County. Situated in Atlanta’s highly coveted Northeast industrial submarket, the complex provides users convenient access to the major Atlanta thoroughfares of I-85 and I-285. Over 2 million people are located within a 30-minute drive.

Shelby Oaks

Acquired in September 2022. Our first industrial acquisition in the Memphis market, Memphis Shelby Oaks is a sixteen-building, 480,911-square-foot light industrial business park located in Memphis’ Northeast Industrial submarket. The complex sits directly off I-40 approximately 1.5 miles northeast of the I-240/I-40 interchange. Commute times to downtown Memphis and Memphis International Airport are 15 minutes and 20 minutes respectively.

Cape Cod

Sold in October 2022, Cape Cod Apartments, a Class B garden-style apartment community located in San Antonio Texas, was acquired by Westmount in 2016. Built in 1984, the well-maintained community has 212 one- and two-bedroom units in 11 two- and three-story buildings. This apartment community is strategically located, offering high drive-by visibility in north-central San Antonio at the intersection of Blanco Road and Wurzbach Parkway. Tenants enjoy direct access to two nearby recreational areas: Phil Hardberger Park and Salado Creek Greenway. Phil Hardberger Park is an urban oasis with more than 311 acres of park and multi-use land while the Salado Creek Greenway boasts more than seven miles of hiking and multi-use trails which can be accessed directly from a gated entrance on the property. These local attractions provide the complex with a distinct leasing advantage.

840 Logistics Center

Sold in October 2022, the Nashville 840 Logistics Center is a Class A, 709,652-square-foot bulk distribution warehouse located in the Couchville Pike Business Center of Wilson County, approximately 30 miles east of Nashville. This acquisition is Westmount’s first in Tennessee and was executed during the height of the COVID-19 pandemic. During the property’s acquisition in mid-2020, Westmount anticipated the potential for the property’s expedited value-add play due to the impending vacancy that would occur shortly after our acquisition. The business plan for the investment included re-leasing the large vacancy at market rates. Westmount and its partners chose to exit the asset upon successful completion of this endeavor.

Elk Grove Village

Sold in November 2022, Elk Grove Village sits on 47 acres and is located immediately adjacent to the northwest side of O’Hare International Airport. The O’Hare submarket is known as ground zero for Chicago industrial market, based on its location, as well as its abundant supply of industrial space.

Premier at Prestonwood

Acquired in December 2022, The Premier at Prestonwood is a three-story townhome-style community located in far North Dallas just off the intersection of Belt Line and Preston Road. Far North Dallas stretches north along the North Dallas Tollway (DNT), bordering LBJ Freeway (Interstate 635) and the George Bush Turnpike (PGBT). This convenient location near several major thoroughfares provides residents quick access to the majority of the DFW Metroplex. The submarket is a popular destination for renters given the proximity to nightlife, entertainment, and retail near the Galleria and Addison. The property’s location near Addison is a major office hub, making it a popular destination for commuters.

 

The Westmount team is excited about the opportunities that the 2023 market presents and is eager to assist in reaching your commercial real estate investment goals. We believe that this market holds a lot of potential, and we are dedicated to helping our clients achieve success in their investments.

We look forward to working with you and helping you achieve your commercial real estate goals in the coming year.


 

About Westmount Realty Capital

Westmount Realty Capital, LLC is a private Dallas-based owner and operator specializing in value-add, opportunistic and core plus investments. For over 35 years, our time-tested and relationship-driven approach to commercial real estate investment has generated superior returns and earned the trust of numerous U.S. and foreign institutional and private capital sources.

For more information, contact:

Westmount Realty Capital, LLC

info@westmountrc.com

 

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