Western Wealth Capital completes 40th multifamily acquisition in Phoenix

Company acquires Sun Wood Apartment Homes for $23.3 Million

North Vancouver, Canada (June 21, 2018) – Western Wealth Capital (WWC), a growth-oriented real estate investment company, is pleased to announce the acquisition of Sun Wood, a Phoenix multifamily senior-living residential community that further increases the company’s southwestern U.S. rental portfolio.

WWC and its investor partners purchased the 220-unit multifamily building for $23.3 million (all figures $US).  The acquisition is WWC’s 40th in the Phoenix area, with most purchases completed in the last three years. WWC is Phoenix’s second largest multifamily owner-operator by both number of buildings and units.

Sun Wood is located in Phoenix’s Peoria/ Sun City region, close to the bustling Westgate entertainment district, major employers and with easy accessibility to I-17, U.S. Route 60 and Loop 101. Built in 1984, all units still retain original interior features, providing substantial value-add opportunities such as interior upgrades and in-suite washer/dryer installations. In addition, rents are disparate among like-units and well below the immediate competitive set average.

WWC believes Phoenix remains a strong investment environment as the company expands it disciplined model nationally in the U.S. WWC’s portfolio also includes three Texas multifamily properties acquired this year.

“We remain bullish on Phoenix because the economic underpinnings of GDP, employment and population growth are still strongly evident. Owing to our disciplined approach and track record, we have strong industry relationships that continue to give us access to some of the best multifamily investment opportunities,” says WWC CEO Janet LePage.

WWC has a proven 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.

Since its inception in 2011, WWC has acquired 43 multifamily rental buildings, representing a total purchase price value of $736 million and more than 8,400 units. Our current portfolio, net of divestments, includes 30 multifamily unit rental buildings (more than 6,500 units).

The acquisition of Sun Wood was brokered by Berkadia.

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:
Meghan Kerr
meghan@westernwealthcapital.com

For more information:
604.260.4789
info@westernwealthcapital.com
www.westernwealthcapital.com

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