February 4, 2019
MBP Capital, a Denver-based apartment investor, has purchased the 192-unit Westmount at Colonnade from Westmount Realty Capital. Built in 2000, the Class B complex is located in Grand Prairie, TX, about one mile from General Motors assembly plant and four miles from AT&T Stadium.
Westmount Realty began a community improvement project, and completed amenity renovations and exterior upgrades. The new owners will be able to add value by upgrading units.
Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the sale. The team included Will Balthrope, Drew Kile, Joey Tumminello, and Giuseppe Thum.
“Grand Prairie’s strong average annual rent growth and high apartment occupancy make it one of Dallas/Fort Worth’s most resilient submarkets,” Balthrope said. “The submarket’s growth has been fueled by an influx of major employment and retail drivers.”
MBP seeks to acquire Class B and C multifamily assets in Colorado and Texas. Its target markets are Dallas-Fort Worth, Austin, San Antonio, Denver, and Colorado Springs.
For questions, comments or concerns, please contact Jennifer Duell Popovec