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 buy 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.”

Powered by WPeMatico

ELLICOTT, MD – Morgan Properties, a real estate investment and management company, announced that it has bought Orchard Meadows, a 240-unit apartment community in Ellicott City, Maryland, for $50 million. Morgan Properties partnered with Core Real Estate Partners. The property was built in two phases: 96 units in 1998 and 144 units in 2012. Eastdil Secured represented the seller. Morgan Properties plans to spend over $2 million on its value-add strategy for the property, which includes interior and exterior renovations as well as amenity upgrades to reposition the asset.

“Orchard Meadows is an exciting acquisition for Morgan Properties,” said Jonathan Morgan, president of Morgan Properties JV. “The property is our newest asset in Maryland and benefits from its infill location in the heart of Howard County. Our operations and facilities teams are well positioned to add value and enhance the apartment community for the benefit of our residents. This transaction marks our seventh acquisition in the Mid-Atlantic with Core Real Estate Partners since 2012. Morgan Properties has bought over 20,000 units in the Maryland-D.C. Corridor over the last five years and is the largest owner in the state of Maryland.”

As part of its value-add repositioning strategy, Morgan Properties will complete premium kitchen renovations, enhance the fitness center, install new grilling areas and a fire pit, and refresh other common area amenities including the clubhouse, leasing office, and business center. In addition, as part of its signature amenity package, Morgan Properties will add a putting green and outdoor gaming area, a playground, exterior fitness stations, a dog park, and package rooms to enhance the resident experience.

Orchard Meadows provides convenient access to public transportation and major employment centers in the Baltimore area, including Johns Hopkins University. It also allows residents convenient access to Washington D.C. from major thoroughfares including Route 29, I-95, and Route 100. The apartment community features an attractive mix of one- and two-bedroom apartments, with larger units appealing to families. Orchard Meadows represents the newest asset in Morgan Properties’ Maryland portfolio.

Morgan Properties owns and manages 60 apartment communities comprised of over 24,500 units in the Maryland-D.C. Corridor. The company recently bought the NOAH Portfolio, which spans the Maryland-D.C. Corridor with four apartment communities and 2,729 apartment units; the Mark Center Portfolio, which consists of 2,664 units in Alexandria, Virginia; and the Rolling Road Portfolio, 1,979 units in Baltimore.

Powered by WPeMatico

ORLANDO, FL – FCP announces the $23.6 million acquisition of Royal Isles, a 264-unit, garden apartment community in Orlando, FL. Royal Isles represents FCP’s 8th investment in Florida and brings the company’s total investment in the state to more than 2,000 apartments. 

“Royal Isles is ideally situated in a central, infill location, near key transportation corridors, South Semoran Boulevard and SR 408/East-West Expressway as well as employment generating locations including Orlando International Airport, downtown Orlando, Lake Nona Medical City, University of Central Florida, Central Florida Research Park, Valencia Collegeand Full Sail University,” said FCP Vice President, Bruce Gago. 

Royal Isles residents delight in a 24/7 fitness center, swimming pool and sundeck, playground, a picnic area with grills and an on-site laundry center. Royal Isles features one, two and three- bedroom apartments in a lush, green community. 

FCP extends its appreciation to Evan Kristol and Felipe Echarte of The Kristol Group of Marcus & Millichap for their representation of the seller in the transaction and to Berkadia and Fannie Mae for facilitating the assumption of the existing mortgage.

FCP is a privately held real estate investment company that has invested in or financed more than $6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. 

Powered by WPeMatico