Western Wealth Capital (WWC), a growth-oriented real estate investment company, is pleased to announce its first acquisitions in San Antonio, expanding the company’s investment portfolio to a second market outside of Phoenix.
By adhering to a disciplined acquisition and operations strategy, WWC has been able to create scalable, exponential growth, while realizing cost and performance efficiencies, in the Phoenix multifamily market. With the majority of transactions completed in the last three years, WWC has acquired 34 multi-family unit buildings in Phoenix, representing almost 6,000 units, with a combined purchase-value of nearly $440 million. WWC is now the second largest multi-family owner in the Phoenix area by number of units.
After two years of due diligence, WWC has identified San Antonio as meeting all of the attributes of its business strategy. Our first acquisitions are the purchase of Brynwood and Sereno Park multifamily buildings, which include 276 and 204 units, respectively. The two acquisitions were funded by a private equity group.
San Antonio’s job and population growth are driving both vacancy rates and rental prices in an environment with a large inventory of undervalued and underperforming multifamily properties, says Janet LePage, WWC CEO and co-founder.
“We believe San Antonio is at a perfect intersection, providing the lowest investment risk and the longest runway for opportunity,” says LePage. “In terms of timing and potential, San Antonio is at an excellent entry point to create scalable growth.”
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.
Both Brynwood and Sereno Park are located close to highways connecting residents to major employers, have below-market rents compared to similar properties and hold excellent opportunities to upgrade units to increase operating income.
The acquisitions were brokered by ARA, a Newmark Company.