Western Wealth Capital Acquires Tempe Apartment Building

WWC purchases 659-unit apartment community in Tempe, Arizona

Tempe, Ariz. (Oct. 19, 2020) – Western Wealth Capital (WWC), a growth-oriented real estate investment company, announced the acquisition of Onnix, a 659-unit apartment community in Tempe, Ariz. at 1500 E. Broadway Road.

Onnix was originally constructed in 1984 and features 38 apartment buildings, in addition to abundant parking. The community offers studio, one- and two-bedroom apartments with vaulted ceilings, oversized closets, private balconies or patios, granite countertops in kitchens, wood-style flooring and stainless steel appliances. Onnix amenities include four resort-style pools with hammocks, barbeque grills, cabanas, a clubhouse featuring a full kitchen, large screen TV, full-size pool table and shuffleboard as well as a sauna, dog park, yoga studio, tennis courts and sand volleyball courts.

The property is located in Tempe, near Arizona State University (ASU), and some of the top employers in the state.

“One goal of this acquisition is to add value to the community as we maximize returns for investors and create an even better place to live for residents. Upgrades are planned for the property’s common areas to heighten their usability and desirability, which is part of the partnership’s focus on community engagement and resident programs,” said WWC CEO Janet LePage. “We are thrilled to add Onnix to our growing national portfolio.”

The property is located minutes from downtown Tempe – home to ASU, the largest university in the country with a total enrollment of 111,000 students, and Mill Avenue District, with more than 100 restaurants, shops and arts and entertainment venues. Notably, Tempe has recently benefitted from unprecedented job creation, as financial services and technology companies relocate into the market.

The acquisition further increases WWC’s U.S. rental portfolio, which comprises real estate in Houston, Dallas, Phoenix, Atlanta and San Antonio. The acquisition also marks WWC’s 54th acquisition in the Phoenix market. WWC has acquired more than 77 multifamily properties in the U.S., with most purchases completed between 2016 and now.

WWC has identified the Phoenix market as continuing to meet all of the attributes of its business strategy and disciplined investment criteria. The Phoenix market shows both job and population growth that are driving both vacancy rates and rental prices in an environment with a large inventory of undervalued and underperforming multifamily properties.

“We continue to acquire multifamily communities in the Phoenix area as the Valley has been a key market for WWC for many years,” added LePage.

WWC has developed a proven, reliable system for investing in multifamily properties in key real estate markets across the U.S. WWC offers Investment Partners the opportunity to invest in cash-flowing properties with substantial value-add opportunities. Since its inception, WWC has successfully completed more than $2 billion in real estate transactions.

About Western Wealth Capital

Western Wealth Capital (WWC) has developed a proven, reliable system for investing in multi-family properties in key real estate markets across the US. WWC offers Investment Partners the opportunity to invest in cash-flowing properties with substantial value-add opportunities. Since inception, WWC has successfully completed more than $2 billion in real estate transactions. WWC’s vision is to build wealth for their investment partners with industry-leading returns. A people-first approach promotes excellence at every point; with highly efficient operations and a true commitment to our communities.