Westmount Buys Vintage Dallas Community
The investor plans a robust upgrade of the 55-year-old asset, which is located west of downtown Dallas in the city’s Kessler Park neighborhood.
Westmount Realty Capital has acquired The View at Kessler, a 299-unit residential high-rise in the Kessler Park neighborhood of Dallas, with plans to overhaul the vintage property. Built in 1964, the 11-story building is located at 2511 Wedglea Drive, overlooking the Stevens Park Golf Course just west of downtown.
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The property’s former owner was Turner Impact Capital, which bought it as part of a portfolio deal from Strategic Realty Holdings in May 2016, according to Yardi Matrix data. The impact investment firm assumed a $38.3 million CMBS loan upon the purchase. Westmount picked it up for an undisclosed price.
The community is located in an affluent neighborhood near the retail and entertainment hubs of North Oak Cliff, Trinity Groves and the Bishop Arts District. The site is also less than 4 miles away from two major urban park projects, Trinity River Corridor and Southern Gateway Public Green.
Upgrades planned for mid-century asset
Featuring a three-wing tower design, the mid-century property sits on 8.3 acres and provides efficiency, one-, two- and three-bedroom units measuring up to 1,214 square feet. Westmount plans a robust value-add program including renovation of the first-floor lobby and various amenities, as well as installation of a package locker system, lower-level laundry lounge and recreation area. The company will also add outdoor amenities and turn the existing 11th-floor common area into a sky lounge with a full kitchen, resident lounge, furnished terrace and conference rooms.
In addition, Westmount will roll out an interior renovation program aimed at capturing two different price points of millennial renters, with upgrades including smart home automation, keyless entry, granite countertops in select units and other modifications. Exterior renovations are also planned. Avenue5 Residential was tapped to provide property management.
Westmount’s acquisition follows the company’s purchase of two residential assets in San Antonio earlier this year: The Pointe at Ramsgate, a 300-unit community in April, and The Place at Houston Street, a 200-unit property in February. In January the real estate firm sold off Westmount at the Colonnade, a garden-style community west of Dallas in Grand Prairie, Texas, after renovating the eight-building property.