Westmount Realty Capital Announces Sale of 300-Unit Multifamily Community in San Antonio

SAN ANTONIO – December 15, 2021 – Today, Westmount Realty Capital announced the sale of Joule Apartment Homes, a Class “B,” garden-style multifamily community located at 10707 IH-10 West in San Antonio. The 300-unit multifamily community consists of one- and two-bedroom units averaging 682 square feet.

Westmount acquired and rebranded the property in early 2019. It’s conveniently located near top-rated schools and multiple shopping and retail centers. Additionally, Joule Apartment Homes are just minutes from South Texas Medical Center and USAA’s headquarters, the leading provider of insurance, banking and retirement solutions to 13 million U.S. military members and their families.

Westmount completed multiple renovations and interior upgrades including faux wood flooring throughout each unit, new lighting, stone countertops, cabinets, plumbing and an elegant two-tone paint scheme within select units. Property renovations included clubhouse upgrades, new signage, exterior paint, siding and parking lot repairs.

“Westmount’s time-tested approach quickly brought this asset to market standards which led to a successful sale,” said Cliff Booth, Westmount’s chairman. “Average occupancy in San Antonio is currently just shy of 92%, and Joule Apartment Homes is 96% occupied.”

Spanning 9.5 acres, the property was developed in 1974 and built to excellent construction quality with seven different floor plans and various community amenities. These amenities include two swimming pools, controlled access gates, a 24-hour fitness center, resident clubhouse with a full kitchen, a laundry facility and a dog park.

“Westmount completed a successful renovation program in this in-demand upper north central submarket,” said Brant Brown, president and COO of Westmount. “Our renovations came at a good time. From 2010-2021, San Antonio has grown 22%, and with more people in the area, renters have also increased by 35%.”

Westmount currently owns three multifamily communities in San Antonio including Westmount at Cape Cod, Westmount at Three Fountains and Westmount at Houston Street.

 


 

About Westmount Realty Capital

Westmount Realty Capital, LLC 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 relationship-driven trusted operating partner of numerous U.S. and foreign institutional and private capital sources. The company is active within the U.S., specializing in value add and opportunistic investments, and has navigated successfully through multiple market cycles. For additional information, contact www.westmountrc.com.

 

For more information, contact:

Westmount Realty Capital, LLC

info@westmountrc.com

 



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