“The View at Kessler presented Westmount with the opportunity to acquire a well-constructed vintage residential high-rise with a substantial value-add potential,” said Clifford Booth, CEO of Westmount. “In addition to interior and exterior renovations, we plan to expand the property’s existing amenities and enhance on-site management and operations.”

The amenity renovation program includes the overhaul of the first-floor lobby, first-floor cafe, fitness center, pool area, leasing center and elevator systems in addition to the installation of a package locker system, lower-level resident laundry lounge and recreation area. Westmount will also transform the existing 11th floor common area into a sky lounge equipped with a full kitchen, resident lounge, live/work conference rooms and furnished terrace. A portion of the 8.26-acre site will include a dog park as well as other outdoor recreation amenities.

The interior renovations will consist of a two-tier upgrade program allowing Westmount to capture two different price points within its targeted Millennial clientele. Interior renovations include smart home automation, keyless programmable entry locks, granite countertops in select units, wood plank flooring, stainless steel appliances and upgraded lighting. The exterior renovation will include new landscaping, new exterior signage, controlled gate access, exterior paint and architectural enhancements, parking lot and entry drive repairs, the activation of 4.5 acres of outdoor space, security and surveillance improvements, and pond, waterfall and pool renovations.

“The View at Kessler is a very special property and when it opened in the 1960s, it was home to some of Dallas’ most famous faces,” Booth tells GlobeSt.com. “We are excited to have the chance to restore this community and offer a new generation of Dallasites the chance to live in a historic building with modern amenities and upgraded interiors/exteriors.”

The View at Kessler is adjacent to Stevens Park Golf Course, rated as one of the top-five public courses in the DFW area by FoxSports, and within minutes of some the area’s top entertainment and employment destinations. Not only are there restaurants in the Bishop Arts District, Trinity Groves and Oak Cliff neighborhoods but nearly 60 boutique shops and restaurants in the historical shopping district of North Oak Cliff.

In addition, the property is less than four miles from both the Trinity River Corridor project and the Southern Gateway Public Green. The Trinity River Corridor project is a 10,000-acre redevelopment which will create the largest urban park in the United States. Current plans for the Trinity River Corridor project include adding sports fields, walking and biking trails, nature centers and recreational facilities.

The Southern Gateway Public Green is a new 5.5-acre deck park planned for Interstate 35E near the Dallas Zoo. The deck park, which broke ground in 2018, will include a children’s garden, water features, arts, a dog park and a pavilion for concerts/other events.

“Westmount has had previous experience with acquisitions and renovations of historic buildings in the downtown Dallas, Deep Ellum and Oak Cliff neighborhoods. From the top floors of the Kessler Park community, you can see the site of the former Bronco Bowl, which we acquired in 1996 and redeveloped in 2003,” said Booth. “Over the past 30 years we’ve expanded our multifamily, industrial and office portfolios into 17 states, so the acquisition of The View at Kessler is a bit of a ‘coming home’ for Westmount.”

Westmount has engaged Avenue5 Residential for property management of The View at Kessler.

Rental rate growth in Dallas/Fort Worth slowed slightly in the last 12 months to 2.4% as 19,481 new units were delivered, with another 30,323 units under construction, according to ApartmentData.com. The DFW apartment stable occupancy rate remains strong at 93.6%. Once the new units are absorbed, rental rate growth is expected to resume, given the area’s projected 2.9% job growth.

➤➤ Join the GlobeSt.APARTMENTS (formerly RealShare) conference October 29-30 in Los Angeles. The event will analyze the opportunity in the emerging trends and conditions of the multifamily market. Don’t miss out on joining the 1,000+ of the industry’s top owners, investors, developers, brokers and financiers as they gather for THE MULTIFAMILY EVENT OF THE YEAR! Click here to register and view the agenda.