Westmount Realty Capital’s Rebranding Strategy for Acquisition
- Nov 05, 2015
Grand Prairie, Texas—Westmount Realty Capital has acquired the Colonnade Apartments, a Class A garden-style apartment community in Grand Prairie, Texas.
Located at 2815 Osler Dr., the property will be rebranded as Westmount at the Colonnade.
“Westmount is building a portfolio of value-add multifamily properties with a focus on Texas,” Clifford Booth, Westmount’s president & CEO, told MHN. “This property is well positioned with significant upside through our interior/exterior enhancement program.”
Originally constructed in 2001, the property consists of 192 units on an 11.19-acre site, for an average of 17 units per acre.
The Colonnade is comprised of two- and three-story buildings with sizes ranging from one-bedroom units from 772 square feet to three-bedroom units up to 1,258 square feet. Units contain 9-foot ceilings with crown molding.
Common area amenities include a clubhouse, swimming pool with fountain, media and business center, fitness center, 382 parking spaces and gated access.
According to Booth, Westmount will undertake a complete capital renovation program including upgraded lighting and plumbing fixtures, cabinetry, appliances, countertops, faux wood flooring and more.
“We also plan to improve the exterior with new landscaping, parking lot repairs, expanded amenity offerings and more,” he said. “The exterior renovation will consist of updating the common areas and amenities, minor wood/stucco repair, landscaping, upgrades to the leasing office, parking lot repairs and upgraded exterior lighting. Westmount also plans to revamp the pool area with new seating areas and new pool furniture, as well as the addition of an outdoor kitchen.”
The community is strategically located at the center of the Dallas/Ft. Worth Metroplex, adjacent to Highway 360 and is situated within minutes of major employers such as DFW Airport, Lockheed Martin, GM and Bell Helicopter-Textron, Inc.
“Westmount at the Colonnade is centrally located in one of the strongest growth and job markets in the U.S.,” Booth said. “The property has little deferred maintenance and a strong tenant base to draw on.”
GM has announced plans for a $1.4 billion plant expansion, which includes raising the total number of employees at the plant to 3,179 and adding an additional 1.2 million square feet to the plant.
Westmount has now acquired a total of 3,685 multifamily units and 2.9 million square feet since 2011.
Financing for the acquisition was arranged by the Dallas office of Marcus & Millichap.