Western Wealth Capital acquires 244-unit Phoenix multifamily building

$16.75M Purchase of Marble Creek is Company’s 32nd Acquisition

Western Wealth Capital (WWC), a growth-oriented real estate investment company, is pleased to announce the acquisition of Marble Creek, a multifamily unit building that further increases our company’s Arizona rental portfolio.

WWC and our partner investors acquired the 244-unit rental building for $16.75 million (all figures $US). The apartment community is located five miles from the I-17 corridor, the second largest employment hub in Phoenix’s Southwest Valley. Marble Creek is also a short drive away from the I-10 industrial corridor where major global companies – including Amazon, Target and PetSmart – have set-up distribution facilities employing thousands of people.

The property is being acquired for approximately $69,000 per unit, well below recent comparable sales. WWC intends to normalize rents and bring them to market average; and invest in washer/dryer installs and interior upgrades to units.

“Using our proven operating strategy, we believe there is strong potential to significantly increase net operating income in a relatively short time frame,” says Janet LePage, Chief Executive Officer of WWC.

Since its inception in 2011, WWC has acquired 32 multi-family unit buildings, representing 5,370 units, with a combined purchase-value of more than $390 million. Our current portfolio, net of divestments, includes 24 multifamily unit rental buildings (approximately 4,500 units) in the Greater Phoenix area. WWC is now the second largest multifamily owner in the Phoenix area by number of units.

WWC has a disciplined six-stage strategy. 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.

Year to date, WWC has made four accretive divestments and seven acquisitions.

The acquisition of Marble Creek was brokered by Colliers International HSK Multifamily of Phoenix.

About Western Wealth Capital

We have a singular focus: create wealth through well-selected real estate investment. We acquire under-performing multifamily rental properties and increase net operating income and valuation through an approach that has been successfully applied across our entire portfolio. We manage these assets, distribute resulting cash flow to investors and, when appropriate, divest. We only focus on markets underpinned by the economic fundamentals of population, employment and GDP growth. Our entry point is when these demand drivers place long-term pressure on vacancy rates and rental pricing. To date, we have invested in the Phoenix and San Antonio markets. Our execution and results have formed strong relationships that give us access to some of the best multifamily investment opportunities in the American Southwest.

Media and photo requests:
Glen Edwards
gedwards@national.ca

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.