Executive Summary:
Berkadia’s San Antonio Multifamily Investment Sales Team is pleased to announce the exclusive listing of Westmount at Houston Street Townhomes, a 200-unit value-add opportunity located in the emerging East submarket of San Antonio. Built in 2003, Westmount at Houston Street is situated on 18-acres and is comprised of 37 single and two-story townhomes buildings with attached and detached garages, stucco siding, pitched shingle roofs, and commercial utilities. The property offers five large and unique floor plans with an average unit size of 1,331 square feet, including highly sought after four-bedroom units. Westmount at Houston Street presents investors with tremendous upside and an extremely rare opportunity to acquire a 2003 built asset with virtually no interior renovations or modern upgrades. Future ownership has the chance to upgrade the vast majority, if not all, of the interiors, that will result in healthy premiums in excess of $200 per unit.
In addition to the excellent value-add opportunity that Westmount at Houston Street presents, investors will also be able to capitalize on the attractive assumable loan, featuring a fixed, 3.6% interest rate. With its excellent value-add potential and well-below-market assumable debt, Westmount at Houston Street offers an investor a tremendous opportunity to for immediate rent growth, long-term stability and value appreciation.
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San Antonio Office
250 W Nottingham Drive
Suite 120
San Antonio, TX 78209
Investment Advisors:
Mortgage Bankers:
Cutt abelson
Senior Managing Director
cutt.abelson@berkadia.com
713.469.4503
Will Caruth
Senior Director
Will.Caruth@berkadia.com
210.377.2768
Mike Miller
Cody Courtney
Senior Director
Cody.Courtney@berkadia.com
210.377.1219
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The metros major employers include Joint Base San Antonio (67,000+ employees), which is the largest employer in the city, accessible via I-35 and Loop 410. H-E-B (20,000 employees), a prominent grocery chain headquartered in San Antonio, can be reached via I-10 and US-281. The University of Texas at San Antonio (6,000 employees) is another key employer, with its main campus accessible via Loop 1604 and I-10. USAA (37,000 employees), a financial services company, is located near I-10 and Loop 1604. Lastly, Methodist Healthcare System (10,000 employees), a major healthcare provider, has facilities throughout the city, primarily accessible via I-10, I-35, and Loop 410.
The San Antonio International Airport is twenty minutes from the property and supports over 97,500 jobs. Currently, the airport is under a $1.5B expansion in preparation for a total $2.5B 20-year strategic development plan which was approved by the City Council in November 2021.
In addition to the ever-expanding economic opportunities of San Antonio, the near East submarket is one of the most dynamic and developing submarkets in South Texas, making Westmount on Houston Street location attractive to potential residents and long-term investment.
strong economic drivers and employment sectors
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The site offers premier accessibility and visibility on E. Houston St., over 21,000 vehicles drive by the asset daily. The property is conveniently located directly next to Sam Houston High School and across the street from S.J. Davis Middle School, and within a 5-minute drive to ramps feeding onto both I-10 and 410, providing residents with quick and easy access to the larger San Antonio metro area. This prime location ensures that residents can effortlessly connect to major highways, making commuting and travel a breeze.
Strategic Location with High Visibility to Renters
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Westmount at Houston Street presents investors with tremendous upside potential across multiple avenues including interior renovations, and exterior capital improvements. Through capital infusion including a systematic interior upgrade program and community amenity improvements, new ownership will capture healthy rent premiums in the range of $100-$250 per unit.
Westmount at Houston Street presents investors with 200 original units poised for immediate revenue generating upgrades. The opportunity to achieve on average $100-$250 unit premiums when renovated to stainless steel appliances, new countertops, cabinet upgrades or replacement, new fixtures, upgraded flooring and installation of washers and dryers in every unit. Additional value can be created through adding roughly 50 exterior yards, valet trash and package lockers.
Averaging $200 premiums on only 60% of the total units with interior renovations would realistically generate over $288,000 per year in additional revenue. Additionally, the opportunity to add private yards, installing washer and dryers, and providing a valet trash service will further amplify future revenue growth. These improvements will not only result in immediate upside but aid significantly in tenant retention. Through these value-add measures, Westmount at Houston Street will once again be considered the one of, if not, the premier assets within this submarket.
Excellent Interior & Exterior Value Add Opportunity
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Loan Amount / UPB Interest Rate / Debt Service Origination Date Maturity Date I/O Period / Remaining
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Extremely Attractive Loan Assumption Terms
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Rare Townhome Style Unit
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Median Household Income
In the market area, 38% of households earn over $50,000 per year, and the median household income is projected to increase by 21.8% over the next five years, which is 6% higher than the metro-wide forecast for the same period. This positive growth outlook highlights the area's economic vitality and potential for increased consumer spending.
Limited Pipeline Construction
Currently, no new construction is scheduled within a 5-mile radius of the property, making it a unique and stable investment opportunity. The absence of new development ensures that existing properties maintain their value and appeal without the pressure of competing with newer buildings. This stability is particularly attractive to investors seeking reliable returns and minimal disruption in the local market.
Built in 2003, the property benefits from more modern construction compared to competitor properties, which are on average built between 1967 and 1973 within the respective, 1-mile and 3-mile radius. With only 3 properties within a 1-mile radius and 12 properties within a 3-mile radius, the lack of competition and dated construction further enhances the property's desirability.
Strong Economic and Demographic Growth
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Unique townhome style units averaging 1,331 square feet per unit.
Large three- and four-bedroom floorplans not commonly found in the rental market.
120 direct access garages, 12 attached garages and 30 detached garages with ample room for additional covered parking
Extremely Attractive Loan Assumption Terms
$16,000,000 / $16,000,000
3.60% / $576,000
4/1/2021
4/1/2031
20 mo.
Loan Amount / UPB
Interest Rate / Debt Service
Origination Date
Maturity Date
I/O Period / Remaining
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Investment Highlights:
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
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$16,000,000 / $16,000,000 3.60% / $576,000 4/1/2021 4/1/2031 20 mo.
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