CITY BIZ LIST
Westmount Realty Capital, LLC is pleased to announce the acquisition of the Alta Ridge Apartments located at 2241 South Business Highway 121 in Lewisville, Texas. Westmount is rebranding the Class “A” garden-style apartment community as “Westmount at Vista Ridge.” The three-story asset constructed in 2006/07 consists of 270 units and 291,240 square feet, situated on 11.7 acres, with 23 units per acre. Renovations to the property will begin in the first quarter of this year and are expected to be complete in 18 months.
Conveniently located near DFW Airport and the Highway 121 Office Corridor, the location offers retail services through Grapevine Mills Mall and Vista Ridge Mall. Area hotels are the Gaylord Texas Resort and Great Wolf Lodge, and recreational amenities are available from nearby 8,000 acre Lake Grapevine and 29,000 acre Lake Lewisville. With almost two-thirds of its 270 units being in the 2- and 3-bedroom size, plus its inclusion in the Lewisville Independent School District with six National Blue Ribbon of Excellence schools, Westmount at Vista Ridge is at a marketing advantage for families.
Clifford A. Booth, president and CEO of Westmount, commented, “Though the property is relatively young, renovations including unit interior updates and amenity upgrades are planned to keep the property competitive with recent new developments in the neighborhood and enhance the opportunity to capture additional rents. We consider this to be a premier property in our portfolio.”
The sales price of the property’s acquisition was not disclosed, but Westmount notes it was not the highest bidder. The firm was competing against higher bids and all-cash buyers, and ultimately won the deal based on Westmount’s reputation for closing.
Paul Panza of Westmount was instrumental in the transaction. He noted, “This deal demonstrates an expansion of our acquisition strategy and represents continued growth of our multi-family platform. Westmount currently has 2,300 units in Texas, and hopes to have 10,000 in three years.”
Management of the property has been contracted with Knightvest Management of Dallas, with whom Westmount has done two other projects. In addition to managing the property, Knightvest has made an equity investment. Financing for the acquisition was arranged by the Dallas office of NorthMarq Capital. The property was acquired from Wood Partners, represented by Moran & Co.
Westmount Realty Capital LLC is a dynamic, privately held Dallas-based company with activities in commercial real estate investment, development and management. A value-add and opportunistic investor driven by market forces coupled with intuition for future trends, unlocking unrealized value through superior execution, the principals of WRC have a proven 20-year track record across market cycles, yielding strong investment returns for the company and its investors, in real estate transactions across the United States.
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