MultifamilyNews

Western Wealth Capital Acquires Villetta Apartments in Phoenix, AZ

Western Wealth Capital completes their 96th multifamily real estate investment, the Villetta Apartment Homes

Western Wealth Capital (WWC), a growth-oriented real estate investment company, announces the closing of its 68th Phoenix-area real estate deal, continuing their robust growth in select U.S. multifamily housing markets.

WWC and its investment partners closed on the 352 multifamily apartment community of Villetta Apartment Homes, originally constructed in 1983, on May 11, 2021. This Phoenix-area deal further solidifies WWC’s footprint in the U.S. multifamily housing market and follows WWC’s disciplined investment criteria.

The Villetta is WWC’s 96th acquisition since its founding in 2014. In addition to real estate investments in Dallas, Houston, Phoenix, Atlanta and San Antonio, WWC also entered the Las Vegas market in 2021.

Well-situated in the heart of Mesa, AZ, The Villetta Apartment Homes are southeast of downtown Phoenix and less than 4 miles from the Arizona State University campus. The nearly 426,000 jobs within the 10-mile radius, and easy proximity to the US 60, Loops 101 and 102 make this an ideal area for WWC’s real estate investments. This property is a prime candidate for WWC’s repeatable value-add program, including interior renovations as many of the units retain their original finishes from nearly 40 years ago.

“Despite having completed 68 deals in the Phoenix market, each one is still as exciting as the first,” says Doug Mather, Executive Vice President of Acquisitions at WWC. “The even bigger thrill is to now begin the property renovations to provide improved housing options to Villetta’s residents and positive returns for investors.”

WWC has acquired 96 multifamily rental buildings, representing $2.3 billion in acquisitions, a total transactional value of $2.9 billion and 21,800 total units. The company’s current portfolio of assets under management, includes 57 multifamily rental buildings totaling more than 15,200 units. The acquisition was brokered by Steve Gebing and Cliff David with Institutional Property Advisors.