Investor Seeks TX Value-Add Assets
The Three Fountains multifamily asset presented Westmount with the opportunity to acquire a well-positioned value-add property near Westover Hills in San Antonio, a market with job growth and a strong economy.
SAN ANTONIO—With a continued focus on value-add assets, one investor will rebrand a recently acquired property. Three Fountains, a 19-building, 272-unit garden-style multifamily community, is soon to become Westmount at Three Fountains after a recent acquisition by Westmount Realty Capital LLC. Three Fountains was built in 1998 at 7935 Pipers Creek St., and includes 120 one‐bedroom, 120 two‐bedroom and 32 three‐bedroom units.
“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 Dallas-based 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 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 business center and a swimming pool.
Located near the Westover Hills neighborhood near 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 access to retail and entertainment options.
“With the acquisition of Three Fountains, Westmount has further strengthened its presence in San Antonio, one of the fastest growing cities in the US,” said Clifford Booth, president and CEO of Westmount.
Westmount Realty Capital is an operating partner of numerous US 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.
“Since 2011, Westmount has greatly increased its multifamily portfolio, acquiring 4,825 multifamily units in Texas,” Booth tells GlobeSt.com. “We’re actively seeking multifamily investment activities throughout the Southwest region and are targeting markets with job growth and a strong economy, like San Antonio.”