Western Wealth Capital buys Carlyle at South Mountain for $90M

Real Estate | 21 Feb, 2018 |

Western Wealth Capital (WWC), a growth-focused real estate investment company,  announce the acquisition of Carlyle at South Mountain (Carlyle), a Phoenix multifamily residential community that further increases the company’s Southwestern U.S. rental portfolio.

WWC acquired the 552-unit apartment and townhome community for $90 million, the company’s largest single purchase by number of units and dollar value, to date. Carlyle is WWC’s 40th acquisition (7,589 total units), with the majority transacted in the last three years. WWC’s investor partners in this acquisition comprised of two private equity groups. The acquisition of Carlyle was brokered by Cushman & Wakefield.

“Our company’s track record and consistent performance have created an earned reputation for Western Wealth Capital as a trusted investment sponsor,” says CEO Janet LePage. “By remaining disciplined to our model, we are realizing opportunities for new levels of scalable growth.”

Carlyle is located on the Interstate-10 corridor and within proximity to major employers like Intel campuses, Wells Fargo and Bank of America. Carlyle includes 360 apartment units and 192 townhome units built in 1996 and 1997, respectively. They are many opportunities to unlock value at Carlyle. Current rents at the property are well below those at comparable properties. In addition, most suites have not been updated from their original condition, presenting opportunities to further increase value.

WWC has a disciplined six-stage strategy. We acquire undervalued multifamily 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.

To date, the purchase price value of all WWC acquisitions is $626.5 million. Our current portfolio, net of divestments, includes 29 multifamily unit rental buildings (5,908 units). WWC is the second largest multifamily owner in the Phoenix area by number of units and is currently growing its footprint in Texas.

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