NORTH VANCOUVER, CANADA - Western Wealth Capital (WWC), a growth-oriented real estate investment company, is pleased to announce the acquisition of Verde Dimora, a multi-family unit building that further increases our company's Arizona rental portfolio.
WWC and our partner investors acquired the 153-unit rental building in Mesa for $22.25 million (all figures $US). Verde Dimora is our company's sixth acquisition in 2017. Since our inception, WWC has acquired 31 multi-family unit buildings, representing 5,125 units, with a combined purchase-value of more than $375 million. WWC is now the second largest multi-family owner in the Phoenix area by number of units.
WWC considers Phoenix's job and population growth a foundation for sustained investment. Verde Dimora is located within proximity to major employers including Banner Health Systems, Mesa Public Schools, Apple and Intel.
WWC's track record to-date has provided the company with a unique vantage point, says Janet LePage, Chief Executive Officer of WWC.
"Our execution and results have formed strong relationships that are giving us access to some of the best multi-family investment opportunities in Arizona," says LePage.
The acquisition of Verde Dimora was brokered by Colliers International of Phoenix.
WWC has divested five buildings since 2012, most recently Solstice at Arcadia on April 27, representing a 38% increase to our purchase price.
CORPORATE UPDATE
WWC is also pleased to announce the appointment of Warren Kent as Vice President of Finance and Doug Mather as Vice President of Business Development.
Kent has assumed leadership roles in the management and control of the general accounting, finance and tax-planning functions for several real estate companies. He was previously Vice President of Finance for Vanac Development Corp., and served as corporate controller for Intracorp Projects Ltd. and Bosa Development Corp.
Mather has wide oversight of asset valuation, deal structure and financing, and overall company stewardship. He has served as both Vice President of Finance and Capital & Investments for Amacon Development Group, a leading Canadian real estate development and construction firm.
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.