Westmount Realty Capital has sold Westmount at the Colonnade, a garden-style community in Grand Prairie, Texas. The new owner, MBP Capital Inc., has rebranded the property as The Destino. The seller had purchased the asset in 2015 and invested $1.4 million in interior and exterior renovations.
“Westmount provided modern amenity offerings, exterior upgrades and unit interior upgrades including lighting and plumbing fixtures, cabinetry, countertops, appliances, brushed nickel accents and faux wood flooring,” said Brant Brown, CFO & COO for Westmount, in a prepared statement.
The eight-building gated community offers one-, two- and three-bedroom units in two- and three-story buildings. According to Yardi Matrix data, the community had a 90.1 percent occupancy rate when the sale closed. Westmount at the Colonnade was built in 2000 and provides community amenities that include:
- volleyball court
- swimming pool
- business center
- fitness center
“The Dallas/Fort Worth Mid-Cities area is booming and has been a key driver of rent growth in the North Texas market for the last 10 years,” said Clifford Booth, president & CEO of Westmount. “This submarket has a strong economic foundation and solid employment drivers that attract commercial real estate investors. Westmount is actively seeking value-add multifamily communities in robust markets, like the Mid-Cities, across the Southwest.”
Located at 2815 Osler Drive, the community is situated in the center of the Metroplex, in proximity to large employers such as DFW Airport, Lockheed Martin and General Motors. The latter has invested $1.4 billion into an expansion plan for the Arlington Plant that will increase the facility’s site by 1 million square feet and create over 3,000 jobs.
Westmount sold another Texas community last June, the 362-unit Beverly Palms located in Houston.
Image courtesy of Westmount Realty Capital