Westmount Realty Capital announced the sale of Highland Bluffs, a Class-B garden-style apartment complex located at 1615 John West Road. The 357-unit community consists of one- and two-bedroom units ranging from 465 to 1,012 square feet. Westmount has owned the property for eight years.
Highland Bluffs was constructed in 1984, spanning 262,236 square feet totaling 28 three-story buildings. The property is located just north of Interstate-30 along Buckner Boulevard, only a 10-minute commute to downtown Dallas. With brick veneer, Hardie Plank siding exteriors and 25-year pitched composition shingle roofs, the apartment community features a large swimming pool, washer and dryer connections, onsite laundry facilities, patios with outside storage and a large playground and picnic area for families.
The property went through a renovation to the exterior of the building. The exterior renovation included replacing the siding with Hardie Plank, the stairs, balconies and full exterior paint. The common areas, on-site leasing office and amenities have also been upgraded with a revamped pool area, new seating areas and furniture.
Dallas is on track to become the nation’s third-largest metro area and will overtake Chicago by 2030 with a projected population of 10 million.
“Over the last couple of years, Dallas has had the fourth-highest growth rate of inbound migration. In 2021, rents in the city increased 17% and 97% of Dallas-Fort Worth apartments were filled. Current rents are also up another 13% year-to-date,” said Westmount President and CEO Brant Brown. “North Texas’s lower cost of living, more affordable housing, and the thriving economy are all indicators of the region’s high migration levels. Highland Bluffs presented a prime investment opportunity in this booming market.”
Al Silva of the Silva Braly Multifamily Team of Marcus & Millichap represented the seller in the sale transaction.
