August 7, 2019— Today, Westmount Realty Capital announced the acquisition of The View at Kessler, an 11-story residential high-rise located at 2511 Wedglea Drive in the Kessler Park neighborhood near Oak Cliff in Dallas. Built in 1964, the 299-unit multifamily tower sits on 8.26 acres and consists of efficiency, one-, two- and three-bedroom units, ranging in size up to 1,214 square feet.
The View at Kessler is situated in the affluent Kessler Park neighborhood, just west of Downtown Dallas near Trinity Groves and the Bishop Arts District. Kessler Park is one of Dallas’ oldest neighborhoods and consists of several subdivisions dating from the 1920s through the 1960s with some of the highest- priced residential values in the city.
The property was one of the last buildings designed by famed architect, Walter Ahlschlager, who designed downtown Dallas’ Mercantile National Bank tower, the Sheridan Plaza Hotel in Chicago and Manhattan’s Roxy Theater and Beacon Hotel and Theatre. The View at Kessler’s three-wing tower design was duplicated by Ahlschlager for a residential project in San Antonio, called “The Wedgewood.” The San Antonio property was still under construction when Ahlschlager died in March 1965.
“The View at Kessler presented Westmount with the opportunity to acquire a well-constructed, vintage residential high-rise with a substantial value-add potential,” said Clifford Booth, CEO of Westmount. “In addition to interior and exterior renovations, we plan to expand the property’s existing amenities and enhance on-site management and operations.”
The robust amenity renovation program includes the overhaul of the first-floor lobby, first floor café, fitness center, pool area, leasing center and elevator systems in addition to the installation of a package locker system, lower-level resident laundry lounge and recreation area. Westmount will also transform the existing 11th floor common area into a sky lounge equipped with a full kitchen, resident lounge, live/work conference rooms and furnished terrace. A portion of the 8.26-acre site will include a dog park as well as various other outdoor recreation amenities.
The interior renovations will consist of a two-tier upgrade program allowing Westmount to capture two different price points within their targeted millennial clientele. Interior renovations include smart home automation, keyless programmable entry locks, granite countertops (in select units), wood plank flooring, stainless steel appliances and upgraded lighting. The exterior renovation will include newly designed landscaping; new exterior signage; controlled gate access; exterior paint and architectural enhancements; parking lot and entry drive repairs; the activation of 4.5 acres of outdoor space; security and surveillance improvements; and pond, waterfall and pool renovations.
The View at Kessler is adjacent to Stevens Park Golf Course, rated as one of the top-five public courses in the DFW area by FoxSports.com, and within minutes of some the area’s top entertainment and employment destinations. The property is less than four miles from both the Trinity River Corridor project and the Southern Gateway Public Green. The Trinity River Corridor project is a 10,000-acre redevelopment to create the largest urban park in the United States. Current plans for the Trinity River Corridor project include adding sports fields, walking and biking trails, nature centers and recreational facilities. The Southern Gateway Public Green is a new 5.5-acre deck park planned for Interstate 35E near the Dallas Zoo. The deck park, which broke ground in 2018, will include a children’s garden, water features, arts, a dog park and a pavilion for concerts/other events.
Residents of the mid-century high-rise community will enjoy being just minutes away from award-winning restaurants in the Bishop Arts District, Trinity Groves and Oak Cliff neighborhoods. They will also be close to nearly 60 boutique shops and restaurants in the historical shopping district of North Oak Cliff.
“Westmount has had previous experience with acquisitions and renovations of historic buildings in the Downtown Dallas, Deep Ellum and Oak Cliff neighborhoods. From the top floors of the Kessler Park community, you can see the site of the former Bronco Bowl, which we acquired in 1996 and redeveloped in 2003,” said Booth. “Over the past 30 years we’ve expanded our multifamily, industrial and office portfolios into 17 states, so the acquisition of The View at Kessler is a bit of a ‘coming home’ for Westmount.”
Westmount has strategically chosen to engage Avenue5 Residential for property management of The View at Kessler. Avenue5 currently manages approximately 250 properties comprised of over 50,000 units across 11 states.