Western Wealth Capital Expands Dallas-Area Footprint
- Oct 11, 2019
Western Wealth Capital has acquired Bel Air Las Colinas Apartments, located in Irving, Texas. CIT Group’s Real Estate Finance division provided a $56 million secured mortgage loan used to purchase the property and to pay for upcoming renovations.
Located at 3701 N. O’Connor Road, the community features 515 units in a neighborhood roughly 20 minutes away from Dallas. The garden-style property has one- and two-bedroom units spread throughout 28 three-story buildings. Residents get access to the property’s amenities, which include a clubhouse, a swimming pool and a fitness center.
Western Wealth Capital will be performing interior and exterior renovations that include swimming pool improvements, a remodeled clubhouse and enhanced landscaping.
“Western Wealth Capital is an experienced property owner, manager and developer, and demand is strong for residential rentals in the Irving, Texas, market where the Bel Air Las Colinas complex is located,” Chris Niederpruem, president of CIT’s Real Estate finance division, told Multi-Housing News.
INTEREST IN IRVING
According to Yardi Matrix’s report on Dallas’ multifamily market, the city and its surrounding neighborhoods is experiencing steady growth from its blossoming economy and renter demands.
The rents in the Dallas-Fort Worth area increased 3 percent year-over-year through July, coming in at $1,202, according to the report. While rents went up, so did the amount of jobs in the area with 120,000 jobs added into the market as of June, or a 3 percent increase. To match the health renter demand, developers have started on a swell of construction, with more than 44,000 units under construction as of July.