Location is key to securing fresh financing for Texas apartments in today’s oversupplied market and tight lending environment.
Luckily, the GenCap Group can count on the positioning of Park at Westover Hills, an apartment complex in a major San Antonio growth zone. Walker & Dunlop Investment Partners provided a $46.5 million floating-rate, interest-only bridge loan for the property, according to a release from Walker & Dunlop. The firm’s Stuart Wernick, Drew Garrison, Geoff Smith and Mike Dunsheath put together the refinancing.
Dallas-based GenCap built the 372-unit property on 16 acres at 4103 Rogers Road last year. The loan works out to $125,000 per unit. Park at Westover Hills features one-, two- and three-bedroom units with private yards. In terms of amenities, the property includes a golf simulator, coffee bar, pool and dog parks.
When GenCap took on the project, the developer noted that the development site’s terrain would create a challenge.
“It’s one big rock hill,” GenCap’s Mark Johnson said at the time. “There’s about six inches of dirt and the rest of it is rock. There’s a lot of dirt work required to get this project going.”
But the firm persisted, largely due to the property’s prime location in a major growth corridor.
The property is in San Antonio’s Far West submarket, about 17 miles northwest of Downtown San Antonio. It’s near SeaWorld and Alamo Ranch, the city’s largest master-planning community and a hotspot for growth. Work on that community started around 2005 after the Cordi Marian Sisters sold about 160 acres to developers Walt Busby and Brad Galo.
Alamo Ranch’s population jumped more than 50 percent between 2018 and 2025 from 53,000 residents to 82,000, according to data from Texas Demographics.
The area’s rapid growth also shields projects like this from the region’s sluggish multifamily market, which is plagued by oversupply.
Like other Texas metros, San Antonio’s new multifamily supply has put downward pressure on rents. Monthly rents were down 2.5 percent, year-over-year, in the third quarter of 2025, to $1,240, according to a report from Cushman & Wakefield.
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