SAN ANTONIO, TX - Dallas-based Westmount Realty Capital announced the acquisition of Three Fountains, a 19-building, 272-unit, garden-style multifamily community located at 7935 Pipers Creek Street in San Antonio. Built in 1998, the well-maintained community has 120 one‐bedroom, 120 two‐bedroom and 32 three‐bedroom units. Westmount will rebrand the property as Westmount at Three Fountains.
“Three Fountains presented Westmount with the opportunity to acquire a well-positioned value-add property near the highly desirable neighborhood near Westover Hills in San Antonio,” said Michael Anderson, managing director-acquisitions for Westmount. “With a solid strategy of providing interior unit upgrades, renovating property amenities and improving operational inefficiencies, Westmount believes the market for rent premiums for Three Fountains is favorable.”
Westmount will replace and install new lighting and plumbing fixtures, appliances, cabinets, countertops, blinds and solid-surface flooring. Additional interior amenities include washer and dryer connections, energy efficient appliances, private balconies and private fenced yards, wood-burning fireplaces, built-in bookshelves and 9-foot ceilings. Exterior amenities include controlled access gates, detached garages, an on-site fitness center, on-site laundry facilities, a resident business center and a swimming pool.
Located near the Westover Hills neighborhood of San Antonio, by Highway 151 and Loop 410, Three Fountains is less than 10 miles from downtown San Antonio and 5 miles from the medical district. Westover Hills is one of the largest employment centers in the San Antonio metro area and provides quick access to retail and entertainment.
“With the acquisition of Three Fountains, Westmount has further strengthened its presence in San Antonio, one of the fastest growing cities in the U.S.,” said Clifford Booth, president and CEO of Westmount. “We currently have over 3,300 multifamily units throughout Texas and we’re actively seeking value-add and opportunistic investments in select markets in the Southwest region of the U.S.”
Source: Westmount Realty Capital / #Apartments #Multifamily