Westmount Expands San Antonio Presence
- Apr 15, 2019
Following the recent acquisition of the 200-unit The Place at Houston Street, Westmount Realty Capital has purchased another San Antonio property: the 300-unit The Pointe at Ramsgate. Yardi Matrix data shows the seller was Commerce Capital Partners, which bought the property in 2011.
According to Bexar County records, the new owner took out an $18.3 million loan from Legacy Texas Bank to finance both the acquisition and the capital improvement plans. Additionally, the property will be rebranded as Joule Apartment Homes.
Located at 10707 Interstate 10 West, the property is almost 10 miles north of downtown San Antonio. The community grants quick access to plenty of retail and dining option, as well as a number of schools and employment centers such as USAA’s headquarters and South Texas Medical Center.
The gated community is consists of one- and two-bedroom apartments spread out across 19 two- and three-story buildings. Completed in 1975 on a 9.6-acre site, the property includes common-area amenities such as two pools, a covered outside grilling area, a fitness center and a dog park. The asset was 94.3 percent occupied in February, according to Yardi Matrix data.
The new owner intends to invest in a capital improvement program. Apartment interiors will be improved with faux wood flooring, new lighting, cabinet fronts, plumbing fixtures, resurfaced countertops and two-tone paint scheme. Additionally, select units will benefit from the addition of stone countertops and new cabinets including boxes and fronts. Exterior improvements will include upgrades to amenities, new signage, exterior paint, siding, trim and parking lot repairs.
“The Pointe at Ramsgate provided Westmount with a unique investment opportunity to acquire an asset well below the replacement cost in an exceptional location,” said Michael Anderson, managing director acquisitions for Westmount Realty Capital, in prepared remarks. “Value-add improvements will include enhanced operations, continued unit interior renovations and significant revitalization of property amenities.”