Dallas "Urban Housewarming" Welcomes U.S. Army Lieutenant Colonel Home from Iraq.

Downtown Building, Purchased in 1991 for $583,000, Was Converted to Condominiums and Achieved a Gross Sell-out of $35.5 Million

DALLAS -- Dallas Mayor Tom Leppert, Developer Cliff Booth of Westmount Realty Capital, LLC and DOWNTOWNDallas hosted an "urban housewarming" today for Lieutenant Colonel Marie Patti.

While on tour in Iraq, Lt. Col. Patti used email and fax to purchase the last available condominium in SoCo Urban Lofts, downtown Dallas' largest residential project.

At the celebration held upon her return to Dallas, Mayor Leppert presented Lt. Col. Patti with a coffee maker while downtown merchants and attractions congratulated her with memberships, household items and gift certificates.

The sell-out of SoCo is a notable success for Westmount Realty Capital and the City of Dallas, especially in today's residential real estate downturn when many urban condominium markets are considered over-built or under-performing,

Westmount Realty purchased the building in 1991 for $583,000 - less than $2 per square foot. The gross sell-out of SoCo totaled $35.5 million, yielding attractive returns for Westmount, loan repayment for funders, an increased tax base for the City of Dallas and a community of urban homeowners.

Dallas Mayor Tom Leppert said, "SoCo Urban Lofts is a prime example of a successful public/private partnership. Working together, the City and Westmount produced a community that attracts great homeowners like Lt. Col. Patti while strengthening our tax base to the benefit of all citizens. We congratulate Westmount on its vision and dedication to downtown Dallas and are pleased to have had the opportunity to be its partner."

Westmount's Chief Executive Officer Cliff Booth stated, "Westmount was among the first to pioneer urban living in Dallas, believing residential development was key to reviving downtown."

Booth noted, "We were also confident that we could create a favorable return for our investors while revitalizing an attractive community for urban living."

"As one of the first to develop urban residential in Dallas, Westmount deserves the results it has accomplished through conversion of the Santa Fe building into first, rental apartments, and now, sold-out condominiums," said John Crawford, president and CEO of DOWNTOWNDALLAS. "The success of this project signifies the momentum behind the demand for Downtown living."

(Building history/photos available upon request.)