A Vancouver investment company has confirmed acquisition its twenty-fourth Phoenix multi-family building, making a trend among Vancouver companies looking to Arizona investment properties.
Western Wealth Capital (WWC) has announced it will purchase Marble Creek, a 244-unit rental building, for US$16.75 million. Colliers International HSK Multifamily based in Phoenix brokered the sale.
WWC’s multi-family portfolio now includes 5,370 units across 32 rental buildings, 4,500 of which are located in the Greater Phoenix area. WWC is now the second-largest multi-family owner of Phoenix property, by number of units.
“WCC 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,” the press release states.
Vancouver-based REITs have recently made news for Phoenix, AZ acquisitions. Last month, Pure Multi-Family REIT LP acquired its fourth Phoenix property for US$59 million, while real estate management company Nicola Crosby Real Estate entered the Arizona market by purchasing five industrial buildings for US$11.37 million.
Vancouver real estate investment companies typically purchase under-valued Arizona properties to capitalize on under-market rents.
“Using our proven operating strategy, we believe there is strong potential to significantly increase net operating income in a relatively short time frame,” says Janet LePage, Chief Executive Officer of WWC.
The WWC acquisition Marble Creek is located at 5601 W McDowell Rd, Phoenix.
