Westmount Realty Capital Makes Strides in Selling Condominiums
By Kelly Sheehan, Online News Editor

Multi-Housing News
Published October 26, 2006

Dallas -- Westmount Realty Capital LLC, a local development company, has sold 60 percent of the units in the SoCo Lofts, a 203-unit condominium building located here at 1122 Jackson St. The Bianchi Group of RE/MAX Preston Road is marketing the property.

Westmount converted the building, which used to be a warehouse, into apartments in 1997. Two years ago, the company renovated the units into condominiums and put them on the market. David Roland, sales manager for the lofts, told MHN that the sales process has been drawn out because the units aren’t typical condominiums. “It takes a unique buyer to want to live in a loft and see our vision of living without as many walls,” he added. “It takes a 'lofty' buyer.”

During October, several downtown condo developers announced project delays or cancellations, leading many to believe that Dallas’ condominium market is softening—like other areas across the country, according to Clifford A. Booth, president of Westmount. But those projects were targeting high-end buyers, he added.

SoCo’s units, priced from $175,000 to $300,000, target young professionals and couples. Westmount expects all units to be sold by March of 2007. Currently, the building is still occupied by some renters, who are given 30-day notices when the firm needs them to vacate.

Units range in size from 875 to 1,400 square feet. They feature concrete floors, pillars and steel window frames. Buyers will have the option to purchase a $30,000 kitchen upgrade package, which include Whirlpool or KitchenAid stainless steel appliances, granite countertops and Armstrong-brand cabinetry. Residents will have access to a fitness center, parking garage, lounge, rooftop pool, storage space, tanning booth and yoga studio. The development, managed by the Dallas-based Pace Realty Corp., is near entertainment, parks, restaurants and grocery stores.

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