Westmount Realty Capital enters Arizona market

Westmount Realty Capital has entered the Arizona market with the purchase of 949 at the District, a 154-unit multifamily community in Mesa, Ariz.

Financial terms were not disclosed.

This deal marks the real estate investment company’s first acquisition in Arizona and first multifamily purchase outside of Texas. Financial terms were not disclosed.

Built in 1979, 949 at the District offers one- and two-bedroom floorplans that average 825 square feet. The property is located at 949 S. Longmore St.

Westmount has plans to rebrand the property as Westmount at the District and do a number of renovations to the property, such as resurfaced counters, stainless steel appliances, refaced cabinets, faux-wood flooring, upgraded lighting and new hardware in units. Smart home technology such as smart thermostats, smart locks and USB outlets will also be implemented.

“Westmount has been tracking the Phoenix market for years, and 949 at the District presented us with the opportunity to enter the region with the acquisition of a well-constructed, vintage multifamily property with a substantial value-add potential,” said Michael Anderson, managing director of multifamily acquisitions for Westmount. “We plan to revitalize the community with interior renovations, smart home offerings, upgrades to the amenity package and improved on-site management.”

In addition, Westmount will install a package locker system on the property and implement a new valet trash program. The property also has two large swimming pools, an attached clubhouse and leasing office, fitness center, outdoor grilling stations, an on-site dog park, restricted entry and covered parking.

Westmount at the District is located less than a mile from Mesa’s Fiesta District, which is currently undergoing a $500 million redevelopment transformation, and less than a mile from Fiesta Mall. The project is less than two miles from U.S. 60 and U.S. 101, and seven miles from I-10, major thoroughfares in the Phoenix region.

“Westmount is in a period of strategic growth and we are actively looking for multifamily acquisition opportunities in key markets with strong fundamentals and steady job gains throughout the Southwest,” said Clifford Booth, CEO of Westmount.

Westmount has 4,011 units of multifamily space in key markets in Texas and the Southwest, in addition to a 12 million-square-foot portfolio of industrial and office space spread throughout the midwestern and southern regions of the United States.