Western Wealth Capital completes sale of Phoenix multifamily building

Divestment of Solterra on 5th Avenue nets strong investor return

North Vancouver, Canada (Mar. 6, 2018) – Western Wealth Capital (WWC), a growth-focused real estate investment company, is pleased to announce the completion of the sale of its interest in Solterra on 5th Avenue, a condominium building in the company’s Arizona portfolio.

WWC purchased 41 of 60 units in the Phoenix condominium project on Oct. 3, 2015 for $4.56 million (all figures $US). WWC has now sold the units in aggregate for $6 million – a 32% increase to acquisition price. Net of capital investments on unit improvements, WWC investors in Solterra are projected* to receive a return of approximately 35% over the investment’s 27-month term.

The sale represents the company’s 12th divestment to date. All WWC investment assets were sold above acquisition price and generated strong investor returns.

“We have been both disciplined and precise in not only identifying assets with unlocked value, but executing on our clearly articulated value-add plan again and again,” says Janet LePage, WWC Chief Executive Officer.

WWC’s investment strategy typically has a three-to-five year horizon. WWC divests either when it is accretive at the end of the time horizon, or we receive an offer that exceeds our business plan targets.

Our disciplined strategy has six stages. 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 40 multifamily unit buildings, representing more than 7,500 units. Our current portfolio, net of divestments, includes 28 multifamily unit rental buildings (more than 5,800 units).

WWC is the second largest multi-family owner in the Phoenix area by number of units and is currently growing its footprint in Texas.

The sale was brokered by ABI Multifamily.

*Investment return to be finalized once outstanding information (including property-level bills, as well as utility and insurance refunds) is provided post-transaction close and approved.

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.