Western Wealth Capital Improves Property, Sells Arizona Apartment Community for Significant Return
January 30, 2020Company sells 220-unit rental community Sun Wood Apartments in Sun City
North Vancouver, Canada (Jan. 30, 2020) – Western Wealth Capital (WWC), a growth-oriented real estate investment company, announces the completion of its sale of Sun Wood Apartments, a multi-family unit building in the company’s U.S. portfolio in Sun City, Arizona. The deal closed in late December 2019.
WWC purchased the 220-unit multi-family building in June 2018 for $23.2 million. WWC recently sold the community for $31 million. Net of capital investments on building improvements, WWC investors in Sun Wood received an annualized return of 20% over the investment’s 18-month term.
WWC has identified the Phoenix metropolitan area as meeting all of the attributes of its business strategy. The sale represents the company’s 31st divestment to date. All WWC investment assets were sold above acquisition price and generated strong investor returns.
“Phoenix is growing and thriving, and the sale of Sun Wood apartments expressly shows the execution of our clear value-add plan,” 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 its inception, WWC has successfully completed more than $2 billion in real estate transactions.
To date, WWC has acquired 74 multi-family rental buildings, representing a total purchase price value of more than $2 billion and over 15,000 total units. The company’s current portfolio of assets under management, net of divestments, includes 49 multi-family unit rental buildings totaling more than 12,000 units.
The Sun Wood sale was brokered by Berkadia.
