NORTH VANCOUVER, CANADA - Western Wealth Capital (WWC), a growth-oriented real estate investment company, is pleased to announce the completion of its sale of Dolce Villagio, a multi-family unit building in the company's Arizona portfolio.
WWC purchased the 70-unit townhome building in January 2015 for $7 million (all figures $US). WWC has now sold the multi-family community for $10 million - a 42.8% increase to acquisition price. Net of capital investments on building improvements, WWC investors in Dolce Villagio received an annualized return of 30%.
Year to date, WWC has made three accretive divestments and six acquisitions. WWC is currently in the purchase process for Marble Creek, a 244-unit apartment community located five miles from the I-17 corridor and the second largest employment hub in Phoenix's Southwest Valley.
Janet LePage, Chief Executive Officer of WWC, says the pace and scale of activity speaks to the company's growing reputation and resulting network in generating deal flow.
"By being precise time and again with our investment strategy, we have earned strong credibility with both the investment community and commercial brokers and lenders. This has given us exposure to many new opportunities," says LePage.
WWC's investment strategy typically has a three-to-five year horizon. WWC divests either when it is accretive at the end of the time horizon, or we receive an offer that exceeds our business plan targets. On average, our investors have received 30%annualized returns upon sale.
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.
Since its inception in 2011, WWC has acquired 31 multi-family unit buildings, representing 5,125 units, with a combined purchase-value of more than $375 million. Our current portfolio, net of divestments, includes 24 multi-family unit rental buildings (nearly 4,400 units) in the Greater Phoenix area. WWC is now the second largest multi-family owner in the Phoenix area by number of units.
ABOUT WESTERN WEALTH CAPITAL: We have a singular focus: create wealth through well-selected real estate investment. We acquire under-performing multi-family 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-area market. Our execution and results have formed strong relationships that give us access to some of the best multi-family investment opportunities in Arizona.