Western Wealth Capital acquires 30th multi-family unit building

More than $350 million in acquisitions in Phoenix MSA

North Vancouver, Canada (May 11, 2017) – Western Wealth Capital (WWC), a growth-oriented real estate investment company, is pleased to announce the acquisition of Tierra Santa, a multi-family unit building that increases our company’s Arizona rental portfolio.

WWC and our partner investors acquired the 274-unit rental building for $13.4 million (all figures $US). Tierra Santa is our company’s fifth acquisition in 2017. Since our inception, WWC has acquired 30 multi-family unit buildings, representing 5,000 units, with a combined purchase-value of more than $350 million. WWC is the third largest multi-family owner in the Phoenix area.

WWC considers Phoenix a highly prospective rental market owing to robust population and employment growth. The material growth of our company’s asset base is attributable to the execution of a precise business model applied to a market that presents extensive opportunity, says Janet LePage, Chief Executive Officer of WWC.

“By being disciplined with our acquisition and operations strategy, we’ve been able to scale up significantly for the benefit of our investors and residents,” says LePage. “We remain bullish on Phoenix owing to the region’s strong business climate. Our pipeline for future acquisitions that meet our criteria remains very strong.”

To date, WWC has focused on acquiring undervalued multi-family rental buildings in the Phoenix MSA; carefully allocating capital and optimizing operations to improve the asset’s performance and valuation; and divesting, when appropriate, at an accretive price for investors.

WWC has divested five buildings since 2012. On April 27, WWC closed the $12.15-million sale of Solstice at Arcadia, representing a 38% increase to our purchase price of 16 months ago.

The acquisition of Tierra Santa closed May 8 and was brokered by ARA Newmark of Phoenix.