The $12.3 million purchase of Country Gables, a 139-unit rental community in the Northwest Valley, represents the 35th multifamily acquisition in Greater Phoenix by Western Wealth Capital (WWC), which brings the firm’s purchase price value for total transactions to $499.5 million since opening in 2011.
With a majority of those deals being transacted in the last three years, WWC currently ranks as the second largest multifamily owner in the Phoenix area by number of units with over 6,500 units.
WWC’s discipline in adhering to its investment strategy, combined with strong working relationships with property management partners and industry partners, has produced consistently strong operating results and investor returns, says WWC CEO Janet LePage.
WWC and its partner investors acquired Country Gables, a 139-unit rental community, for $12.3 million. The Northwest Valley community is located within close proximity of major employers including, Thunderbird School of Global Management, Arizona State University, Banner Thunderbird Medical Centre and two area hospitals. Country Gables also has easy access to the I-17 and Loop 101.
Built in the 1980s, the property provides multiple value-add opportunities. Most units still retain original interior features, while 74 percent of apartments have washer/dryer connections but no installs.
“Our track record is building our reputation for executing on our precise business model. A growing investor base, including the participation of private equity groups, is enabling WWC to create scalable growth at a robust pace,” says LePage.
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.
Year to date, WWC has made 12 acquisitions and seven accretive divestments. Since its inception in 2011, WWC has acquired 37 multifamily unit buildings, representing more than 6,500 units. Our current portfolio, net of divestments, includes 27 multifamily unit rental buildings (more than 5,100 units).
The acquisition of Country Gables was brokered by Cliff David, senior managing director, Marcus & Millichap; and, Steve Gebing, senior managing director, Institutional Property Advisors, a division of Marcus & Millichap.