Western Wealth Capital continues rapid U.S. market expansion in Texas with two multi-family acquisitions totaling 939 units
September 13, 2019Company acquires 939 multi-family apartment units in Dallas and Houston.
North Vancouver, Canada (August 16, 2019) – Western Wealth Capital (WWC), a growth-oriented real estate investment company, is pleased to announce the acquisition of two multi-family residential communities in Dallas and Houston, Texas. The acquisition further increases the company’s U.S. rental portfolio.
WWC and its investor partners purchased the 939 multi-family apartment units on August 15th. The acquisition is WWC’s 5th in Dallas and 7th in Houston. WWC has acquired 65 multi-family properties in the U.S., with most purchases completed in the last three years. WWC is Phoenix’s second largest multi-family owner-operator by both number of buildings and units.
Built in 1980 and 1976, most apartment 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 Dallas and Houston as meeting all of the attributes of its business strategy. WWC believes Dallas and 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 multi-family properties.
“Houston and Dallas currently rank in the top five cities for both job and population growth in the U.S. and we believe now is the perfect time to invest and create value in these markets,” says WWC CEO Janet LePage.
WWC has developed a proven, reliable system for investing in multi-family properties in key real estate markets across the U.S. WWC offers Investment Partners the opportunity to invest in cash-flowing properties with substantial value-add opportunities. Since inception, WWC has successfully completed over $1.8 billion in real estate transactions.
To date, WWC has acquired 65 multi-family rental buildings, representing a total purchase price value of $1.3 billion and more than 13,900 units. Our current portfolio, net of divestments, includes 46 multi-family unit rental buildings (more than 11,000 units).
The acquisition was brokered by Newmark Knight Frank (NKF) and Clint Duncan and Matt Phillips with CBRE’s Multifamily Team in Houston, Texas.
About Western Wealth Capital
We have a singular focus: create wealth through well-selected real estate investment. We acquire underperforming multi-family rental properties and increase net operating income and valuation through an approach that has been successfully applied across our entire portfolio. Our vision is to build wealth for our investment partners with industry-leading returns. A people-first approach that promotes excellence at every point; with highly efficient operations and a true commitment to our communities. We manage these assets, distribute resulting cash flow to investors and, when appropriate, divest. Our execution and results have formed strong relationships that give us access to some of the best multi-family investment opportunities in the American Southwest.
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.
