Today, Westmount Realty Capital announced the acquisition of The Pointe at Ramsgate, a strong Class “B,” garden-style apartment community located at 10707 IH-10 West in San Antonio.
FOR IMMEDIATE RELEASE / PRURGENT
Today, Westmount Realty Capital announced the acquisition of The Pointe at Ramsgate, a strong Class “B,” garden-style apartment community located at 10707 IH-10 West in San Antonio. The 300-unit multifamily community consists of one- and two-bedroom units that average 682 square feet. The property will be rebranded as Joule Apartment Homes.
The property was developed in 1975 and built to excellent construction quality. Community amenities include two swimming pools, a covered outdoor grill area, controlled access gates, a 24-hour fitness center, resident clubhouse with a full kitchen, laundry facility and dog park.
“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. “Value-add improvements will include enhanced operations, continued unit interior renovations and significant revitalization of property amenities.”
Exterior renovations will include upgraded amenities, clubhouse upgrades, new signage, exterior paint, siding, trim and parking lot repairs. The interior upgrade packages will include differing levels of finish out, catering to a variety of potential renters. Upgrades will include faux wood flooring throughout the unit, new lighting, cabinet fronts, plumbing fixtures, resurfaced countertops and an elegant two-tone paint scheme with select units including the addition of stone countertops and new cabinets including boxes and fronts.
“San Antonio has routinely been named one of the fastest-growing large cities in the U.S. and is projected to add nearly 87,000 jobs by 2023,” said Clifford Booth, CEO of Westmount. “Strong markets like San Antonio are ideal for multifamily investments and Westmount is actively looking to acquire value-add properties in similar markets across the Southwest.”
Joule Apartment Homes are strategically located in northwest San Antonio, on Interstate 10 between Wurzbach Rd. and Huebner Rd. The property provides convenient access to highly rated schools and is near multiple shopping and retail centers. Additionally, Joule Apartment Homes are just minutes from major employment centers including USAA’s headquarters and South Texas Medical Center.