DALLAS – December 14, 2022 – Westmount Realty Capital, a leading commercial real estate investment company announces the acquisition of a three-story townhome-style community, Premier at Prestonwood. The property is located at 14827 Preston Road in far North Dallas just off the intersection of Belt Line and Preston Road.
Built in 1995 and totaling 213,640 square feet, Premier at Prestonwood includes 208 units with an average size of 1,027 square feet. It features a mix of one- and two-bedroom floorplans, all of which include granite countertops, vaulted ceilings, crown molding and full-size washer-dryer connections. Each apartment also comes with either a one or two car attached direct-access garage. Resident amenities include a fitness center and community clubhouse complete with a pool/spa. Westmount plans to upgrade select units including technology packages.
In addition, Westmount will complete a full interior upgrade on a portion of the project to include quartz kitchen and bathroom countertops, new shower tile and backsplash as well as new lighting and fixtures. Planned amenity upgrades include the addition of a dog park, package lockers and new fitness center equipment. Also included in the renovation scope are new roofs, signage and landscape upgrades.
“The Premier at Prestonwood is in a highly desirable infill location with its proximity to popular nightlife and entertainment destinations in Addison as well as other retail hubs such as the Galleria Dallas. This area along the Dallas North Tollway is a major office hub, making it a destination for commuters working throughout the metroplex,” said Cliff Booth, Westmount’s founder and chairman. “Westmount’s roots are in Dallas, and we’re excited about our recent multifamily acquisition as CoStar data is forecasting Dallas as the 12th largest rent growth market nationally for 2022.”
North Dallas provides quick accessibility to Collin County and is a short commute to Richardson and Addison. The area is within commuting distance of many major employment nodes in Dallas with convenient access to the strong commercial base of employers along Dallas North Tollway and LBJ Freeway. It is also approximately 20 minutes from Dallas Fort Worth International and Dallas Love Field airports, the city of Frisco and downtown Dallas.
“The Dallas metro area has seen tremendous growth the past few years from strong migration from both corporations and future employees throughout the country. The universities, employment opportunities and central location make North Dallas a great place to live in the metroplex,” said Scott Ferguson, Westmount’s senior director of multifamily acquisitions. “According to CoStar data, the rent growth for this market grew 17% in 2021 and is expected to grow another 9.5% in 2022. We are always looking for strategic investment opportunities in areas with major economic drivers like population and business growth.”
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