DALLAS–  The Texas multifamily market continues to heat up and attract investors. Dallas-based Westmount Realty Capital, LLC purchased the Alta Ridge Apartments in Lewisville, Texas, northwest of Dallas. The 270-unit apartment complex will undergo renovations and the property will be renamed Westmount at Vista Ridge upon completion in 18 months.

“Though the property is relatively young, renovations including unit interior updates and amenity upgrades are planned to keep the property competitive with recent new developments in the neighborhood and enhance the opportunity to capture additional rents.  We consider this to be a premier property in our portfolio,” said Clifford A. Booth, president and CEO of Westmount.

The firm was competing against higher bids and all-cash buyers, and while not the highest bidder, Westmount ultimately won the deal based on a reputation for closing, said the company in a statement.

“This deal demonstrates an expansion of our acquisition strategy and represents continued growth of our multi-family platform. Westmount currently has 2,300 units in Texas, and hopes to have 10,000 in three years,” commented Paul Panza of Westmount.

Knightvest Management of Dallas will management of the property, and Knightvest has made an equity investment in it.  Financing for the acquisition was arranged by the Dallas office of NorthMarq Capital. Moran & Co. represented the seller, Wood Partners.