Western Wealth Capital’s enters third U.S. market with Houston acquisition
July 31, 2018
Company acquires Wimbledon Apartment Homes in Houston, Texas.
North Vancouver, Canada (July 31, 2018) – Western Wealth Capital (WWC), a growth-oriented real estate investment company, is pleased to announce the acquisition of Wimbledon Apartment Homes, a Houston multifamily residential community that further increases the company’s U.S. rental portfolio.
WWC and its investor partners purchased the 161-unit multifamily apartment building on July 30th. The acquisition is WWC’s 4th in Texas (first in Houston). WWC has acquired 45 multifamily properties in the U.S., 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.
Wimbledon Apartment Homes are located in Spring, Texas, close to major employers and within walking distance of three schools in an A-rated school district. Built in 1979, most 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 has identified Houston as meeting all of the attributes of its business strategy, WWC believes Houston’s job and population growth are driving both vacancy rates and rental prices in an environment with a large inventory of undervalued and under-performing multifamily properties.
“Houston is a market that we have been monitoring for quite some time, and we believe now is an excellent window to create value in this market,” 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 45 multifamily rental buildings, representing a total purchase price value of $767.4 million and more than 8,700 units. Our current portfolio, net of divestments, includes 32 multifamily unit rental buildings (more than 6,800 units).
The acquisition of Wimbledon Apartment Homes was brokered by HFF Inc.
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.
Contact Us
Media and photo requests:
Meghan Kerr
meghan@westernwealthcapital.com
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.
