SAN ANTONIO—The Cape Cod, a class-B garden-style apartment property, is located at 13030 Blanco Rd. Built in 1984, the community has 212 one- and two-bedroom units in 11 two- and three-story buildings. Westmount Realty Capital recently acquired the Cape Cod and is rebranding the 145,680-square-foot apartment community as Westmount at Cape Cod.

“Cape Cod is a well-maintained vintage class-B property with considerable upside potential through additional amenity offerings, exterior renovations and unit interior upgrades,” Michael Anderson, senior director-acquisitions at Westmount tells GlobeSt.com. “Westmount has had continued success across its portfolio in boosting rents through these types of value-add renovations.”

Westmount's exterior upgrades will include refreshed landscaping, new signage, new air conditioning units, upgraded mechanical systems, enhancements of apartment balconies and railings, and an updated clubhouse and fitness center. The interior upgrades will consist of resurfaced countertops, new stainless steel appliances, new lighting and plumbing fixtures, and new flooring throughout.

“The property is currently 96% occupied and provides a unique investment opportunity to fully renovate 100% of the unit interiors and achieve above-market rent growth,” says Anderson.

Westmount at Cape Cod has a high traffic count at the intersection of Blanco Road and Wurzbach Parkway in north-central San Antonio. 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.

There is direct access to two nearby recreational areas. Adjacent Phil Hardberger Park has 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.

Financing was provided by Berkadia.

“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 US cities,” Clifford 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.”

Westmount has been in the Texas market for more than 20 years, having gone through multiple economic cycles with its investors, and it is invested in the state's economic recovery. The company has purchased nearly 3,000 multifamily units in Texas during the last three years and has grown exponentially during the last five years. Much of the recent growth has been within the multifamily and property management side of the business in Texas. Westmount has multiple multifamily properties in the DFW and Houston areas, but the Cape Cod acquisition has allowed the firm to expand into the San Antonio market.

“The property is currently 96% occupied and provides a unique investment opportunity to fully renovate 100% of the unit interiors and achieve above-market rent growth,” says Anderson.

Financing was provided by Berkadia.

Instant Insights /

Re-Branding to Go With Recent Multifamily Acquisition

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