DALLAS, TX - Today, Westmount Realty Capital announced the acquisition of The Place at Houston Street, a strong Class “B,” garden-style apartment community located at 4611 E Houston St. in San Antonio. The 200-unit multifamily community consists of one- and two-story buildings with two-, three- and four-bedroom residences.
“The Place at Houston Street presented Westmount with the opportunity to acquire a distinctive, well-maintained community with substantial value-add potential through improved operations and the addition of fenced yards to a portion of the residences,” said Michael Anderson, managing director – acquisitions for Westmount. “Additional improvements will include a renovated pool and clubhouse, refreshed landscaping, new signage, fencing and gates and exterior paint.”
Built in 2003, the property has large floorplans, full-size washer/dryer connections in every unit and direct-access garages in select units. The community also boasts a dog park, a large swimming pool, fitness center, business resource center, residential club house with a full kitchen and a covered playground.
The Place at Houston Street appeals to families that want proximity to schools, since it’s adjacent to Davis Middle School and Sam Houston High School. Three parks within two miles of the community offer multiple sports fields, walking trails and playgrounds. The central infill location also provides residents convenient access to many of San Antonio’s largest employers.
“With this purchase, Westmount currently has three multifamily properties consisting of 684 total units in the strong market of San Antonio,” said Clifford Booth, CEO of Westmount. “We are actively looking to acquire strategically located value-add multifamily properties in similar markets across the Southwest.”
Due to steady job growth, San Antonio’s unemployment rate is below the national average. The city has experienced strong and steady job growth, having added an average of 29,000 jobs annually over the past five years. Additionally, according to San Antonio’s planning director, more than 1 million people are expected to move to Bexar County over the next 25 years. This has helped support the tourism industry in San Antonio, which employs more than 100,000 people and has an estimated $10.7 billion economic impact.
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 nationally, specializing in value add and opportunistic investments, and has navigated successfully through multiple market cycles. For additional information, contact www.westmountrc.com