San Antonio Community Changes Hands
- Dec 01, 2016
San Antonio—Westmount Realty Capital has acquired Cape Cod, a 145,680-square-foot Class B garden-style apartment property in San Antonio, and has rebranded it Westmount at Cape Cod.
“What attracted us to Westmount at Cape Cod was its strategic location in North-Central San Antonio, proximate to many of the city’s major employment and entertainment centers, and transportation thoroughfares in addition to a compelling value-add opportunity,” Michael Anderson, Westmount’s senior director-acquisitions, told MHN. “San Antonio has historically been a very steady growth market, seemingly less affected by national economic conditions—for that reason we like this market and intend on expand our footprint there.”
Located at 13030 Blanco Road, the community consists of 212 one- and two-bedroom units in 11 two- and three-story buildings. Amenities include a resort-style pool, fitness center, on-site laundry facilities, controlled-entry access gates, covered parking and direct access to hike and bike trails as well as the 300+ acre Hardberger Park.
According to Anderson, previous ownership did a good job of maintaining the physical property; however, Westmount plans to further improve the exteriors of the buildings addressing any deferred maintenance issues as well as provide upgrades to common areas and amenities.
“Upon completion of our interior renovation program, units will feature black appliances, resurfaced countertops, upgraded flooring options, modern fixtures, and more,” he said. “Westmount Realty Capital has a time-tested and proven track record of successfully repositioning assets similar to Westmount at Cape Cod. What is unique about this opportunity is that we have the ability to renovate 100 percent of the unit interiors and increase rents to be more in-line with the competing properties in the area.”
The property is centrally located in North-Central San Antonio, allowing for convenient access to many of the area’s major employment centers including Stone Oak, the South Texas Medical Center, USAA, San Antonio International Airport and downtown San Antonio.
In the past three years, Westmount has acquired nearly 3,000 multifamily units in the state of Texas.
Financing for the acquisition was provided by Berkadia.