Western Wealth Capital Announces New Investor Partner, Recapitalization Of Diverse Portfolio Of 11 Multifamily Properties

Business agreement guarantees assets are funded, operational through expected market recovery.

(Vancouver, Canada) October 29, 2024 – Western Wealth Capital (“WWC”), a real estate investment company, today announced a new partnership with StepStone Group Real Estate LP (“StepStone”), a division of StepStone Group Inc., a global private markets investment firm, initiated by the recapitalization of WWC’s apartment portfolio. The recapitalization and strategic partnership have resulted in the refinancing of a large, geographically diverse portfolio with 10 assets (and one additional pending), consolidating lenders, and placing moderately leveraged debt sized for the current market cycle. It will also ensure each asset has appropriate levels of working capital and growth funding to implement value-add programs.

This unique recapitalization marks a big milestone for Western Wealth Capital by appropriately funding these assets and putting its portfolio in a stable position moving forward as well as preserving flexibility to sell assets at an optimal time.

“We are grateful for StepStone and their shared vision of our real estate investment strategies and their recognition of our operational strengths, long-standing history, and success,” said Janet LePage, Co-Founder and CEO, Western Wealth Capital. “This is an extraordinary opportunity not only for us to invest alongside a firm with significant experience sponsoring recapitalization investments in private real estate, but for our investment partners to participate and capitalize on future returns if they choose to do so with a firm of this scale and caliber.”

This transaction will facilitate the refinancing of a portfolio of 11 assets consisting of 2,750 units operated by Western Wealth Capital including nine of which consisted of a five-year, fixed rate financing with Freddie Mac. A portion of StepStone’s $200 million commitment will be applied to making near term and future equity investments, allowing WWC to take advantage of opportunities specific to each community as well as the changing market.

“Our long history with Freddie Mac, track record, portfolio size, and credit rating all contributed to securing the business agreement,” LePage explained.

John Waters, StepStone Partner and Head of Investments added, “this partnership allows us to increase our exposure to the multifamily sector alongside a strong manager that is well-equipped to continue to add value to the portfolio.”

Additionally, Western Wealth Capital can now move forward with pursuing prospective real estate opportunities in top growth markets such as Phoenix, Las Vegas, Atlanta, and Dallas.

“As business-friendly locations with employment and population growth, there is a clear and increased demand for housing,” LePage said. “These are key markets where fundamentals drive rental demand and support sustained investment opportunity.”

Jones Lang LaSalle Securities, LLC, an affiliate of Jones Lang LaSalle Americas, Inc. (“JLL”), served as exclusive financial advisor to Western Wealth Capital. Latham & Watkins LLP served as counsel to StepStone and Goodwin Procter LLP served as counsel to WWC. JLL also worked on behalf of the Western Wealth Capital to secure the five-year, fixed-rate loan through Freddie Mac. The loans will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender.

About StepStone

StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of June 30, 2024, StepStone was responsible for approximately $701 billion of total capital, including $170 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Western Wealth Capital

WWC has developed a proven system for investing in multifamily properties in key real estate markets across the U.S. WWC offers investment partners the opportunity to invest in properties with substantial value-add opportunities. Since its inception, WWC has successfully completed more than $6 billion in real estate transactions, acquiring 129 multifamily assets representing more than 29,000 total units.

WWC’s vision is to build wealth for its investment partners with exceptional returns. A people-first approach promotes excellence at every point; with highly efficient operations and a true commitment to their communities.

Contact Us

Media and photo requests: 

Heather Austin, The Ferraro Group

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.