NEWS ARTICLE
From the Dallas Morning News
By Steve Brown Staff Writer
Published on May 17, 2011
Investors Acquire Silverado Springs Apartments
Dallas-based Westmount Realty Finance LLC said Tuesday that it has teamed up with Knightvest Capital to acquire a northeast Dallas apartment community from lenders.
The 317-unit Silverado Springs apartments are at 11100 Walnut Hill in northeast Dallas and were built in 1983.
Westmount said it purchased the property at a significant discount, but it did not release further details. Bank of America foreclosed on the apartments last year when the owners defaulted on almost $4 million in debt.
The rental community is just over 80 percent leased.
The new owners plan to make improvement in the property and rebrand it with a new identity.
Westmount Realty Finance is a private firm that invests in real estate opportunities. Knightvest Capital focuses on turning around distressed apartments.
