Senior real estate executive joins Western Wealth Capital as Executive Vice President
February 23, 2018
John Rials to take a leadership role in driving company’s next-stage growth
North Vancouver, Canada (Feb. 23, 2018) – Western Wealth Capital (WWC), a growth-focused real estate investment company, is pleased to announce the appointment of John Rials to the newly created position of Executive Vice President.
Rials, previously Senior Managing Director of Real Estate Operations for Greystar Real Estate Partners (Greystar), will lead all of WWC’s U.S. based operations, including overseeing the precise execution of the company’s proven value-add business plan, and play a leadership role in expanding the company’s footprint.
Rials appointment is timed to the company’s planned next-stage of scalable growth, says Janet LePage, CEO.
“We are thrilled to have someone of John’s quality and experience to ensure the continued success of our operational performance,” says LePage. “By being disciplined with our acquisition and operations strategy, we’ve been able to scale up significantly in Phoenix over a short timeframe. With our recent expansion into the Texas market and our geographic viewpoint widening, John is the perfect fit to lead the execution of our value-add program as we grow our business nationally.”
WWC has largely built its southwestern U.S. multifamily rental portfolio over a three-year period, generating consistent investor returns and improving communities. The company is currently the second largest multi-family owner in the Phoenix area by number of units and has acquired three multifamily communities in San Antonio since entering the region in November 2017.
“WWC provides me with a unique opportunity to leverage my more than 25 years of multifamily experience with a high-performance company that truly understands the dynamics of today’s real estate investment world,” says Rials “I am excited to join a driven and disciplined company and provide the leadership to propel further growth in the value-add space.”
Rials oversaw Greystar’s Arizona, New Mexico and Nevada portfolio, comprising 120 multi-family properties and 32,000 units. Rials led a large team with oversight of real estate, construction and capital projects, marketing, audit and compliance, client services and administration. Previous to Greystar, Rials was a contributor to the growth of Equity Residential (EQR) from 75,000 units to more than 225,000 units during his time there.
WWC has a disciplined six-stage strategy. We acquire undervalued multi-family rental properties; carefully allocate capital to accretive improvements; optimize operations to increase the asset’s net cash flow and valuation; refinance to return equity to investors; and, when appropriate, divest.
To date, WWC has acquired 40 multi-family communities (7,589 total units) for a total purchase value of US$626.5 million. Our current portfolio, net of divestments, includes 29 multifamily unit rental buildings (5,908 units).
About Western Wealth Capital
We have a singular focus: create wealth through well-selected real estate investment. We acquire underperforming multifamily rental properties and increase net operating income and valuation through an approach that has been successfully applied across our entire portfolio. We manage these assets, distribute resulting cash flow to investors and, when appropriate, divest. We only focus on markets underpinned by the economic fundamentals of population, employment and GDP growth. Our entry point is when these demand drivers place long-term pressure on vacancy rates and rental pricing. To date, we have invested in the Phoenix and San Antonio markets. Our execution and results have formed strong relationships that give us access to some of the best multifamily investment opportunities in the American Southwest.
Media and photo requests:
Glen Edwards
gedwards@national.ca
Contact Us
For more information:
604.260.4789
info@westernwealthcapital.com
www.westernwealthcapital.com
No securities commission or similar regulatory authority has reviewed this content. In considering the prior performance information contained herein, prospective investors should bear in mind that past performance is not necessarily indicative of future results, and there can be no assurance that Western Wealth Capital will achieve comparable results. This press release includes forward-looking statements. All statements other than statements of historical facts included in this document, including, without limitation, statements regarding the future financial position, targeted or projected investment returns and business strategy are forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “forecasted,” “projected,” “estimate,” “anticipate,” “believe,” or “continue” or the negative usages thereof or variations thereon or similar terms. Forward-looking statements reflect our current expectations and assumptions as of the date of the statements, and are subject to a number of known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause actual results, performance or achievements to be materially different from any anticipated future results, performance or achievements expressed or implied by the forward-looking statements. Although we believe that the assumptions on which the forward-looking statements are made are reasonable, based on the information available to it on the date such statements were made, no assurances can be given as to whether these assumptions will prove to be correct. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements contained are expressly qualified in their entirety by this cautionary statement. No representation or warranty is made to the accuracy or completeness of any of the information contained herein.
