DALLAS – Nov. 29, 2016 — Westmount Realty Capital is pleased to announce the acquisition of Cape Cod, a well-constructed, Class “B” garden-style apartment property located at 13030 Blanco Road in San Antonio. Built in 1984, the well-maintained community has 212 one- and two-bedroom units in 11 two- and three-story buildings. Westmount is rebranding the 145,680 square foot apartment community as Westmount at Cape Cod. Westmount has purchased nearly 3,000 multifamily units in the state of Texas over the last three years.
“Cape Cod presented Westmount the opportunity to acquire a well-positioned, Class ‘B’ property with significant value-add opportunity through fully renovated unit interiors and additional amenity offerings,” Michael Anderson, Senior Director-Acquisitions at Westmount said. “The property is currently 96 percent occupied and provides a unique investment opportunity to fully renovate 100 percent of the unit interiors and achieve above-market rent growth.”
Westmount’s exterior upgrades will include refreshed landscaping, new signage, new air conditioning units, upgraded mechanical systems, and enhancements of apartment balconies and railings. The interior upgrades will consist of resurfaced countertops, new stainless steel appliances, new lighting and plumbing fixtures, faux-wood plank flooring throughout, and an elegant two-tone paint scheme. The property’s clubhouse and fitness center will also be updated.
Westmount at Cape Cod is strategically located, offering high drive-by visibility at the intersection of Blanco Road and Wurzbach Parkway in north-central San Antonio. A distinctive leasing advantage for Westmount at Cape Cod is the direct access tenants enjoy to two nearby recreational areas. Adjacent Phil Hardberger Park is an urban oasis with more than 311 acres of park and multi-use land, and the Salado Creek Greenway boasts more than seven miles of hiking and multi-use trails and can also be accessed directly from a gated entrance at the property.
“This acquisition will allow Westmount to enter the San Antonio multifamily market, broadening our footprint in Texas to include one of the fastest-growing large U.S. cities,” Clifford A. Booth, president and CEO of Westmount said. “San Antonio has also experienced strong and steady job growth and the property’s location allows residents to easily commute to the city’s major employers.”
The San Antonio International Airport, which supports nearly 98,000 jobs, is located approximately seven minutes from Westmount at Cape Cod. Meanwhile, the South Texas Medical Center, which employs more than 56,000, is just five miles away on Wurzbach Parkway. Highway 281 North enables residents to quickly reach San Antonio’s affluent Stone Oak submarket, which is home to large employers including Methodist Stone Oak Hospital, JPMorgan Chase, Tesoro, and Valero Energy.
Financing was provided by Berkadia.
About Westmount Realty Capital
Westmount Realty Capital, LLC (“WRC”) is a time-tested, privately held, Dallas-based commercial real estate company that has achieved exceptional performance, with a core team in place, for more than 30 years. Westmount is seen as an innovator and leading edge company in the industry and is a trusted partner of numerous U.S. and foreign institutional and private capital sources. The company is active nationally, specializing in value add and opportunistic investments, and has navigated successfully through multiple market cycles. For additional information, contact www.westmountrc.com.