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WWC acquires Texas, Arizona apartments, tops $4B in transactions

Western Wealth Capital is continuing to execute on its pipeline of U.S. multifamily acquisitions,...

IMAGE: The 250-unit Brixton McKinney Apartment Homes in McKinney, Texas. (Courtesy Western Wealth Capital)

The 250-unit Brixton McKinney Apartment Homes in McKinney, Texas. (Courtesy Western Wealth Capital)

Western Wealth Capital is continuing to execute on its pipeline of U.S. multifamily acquisitions, buying apartment communities in Texas and Arizona this month to push the value of its transactions since its 2014 inception (acquisitions and divestments) past the $4 billion mark.

WWC’s current portfolio of assets under management includes 61 multifamily rental buildings totalling more than 16,000 units, focused on Southern and Sunbelt U.S. markets. The North Vancouver-based firm has acquired a total of 110 rental properties valued at over $2.9 billion during that time.

The most recent acquisition is the 250-unit ReNew McKinney Apartment Homes in McKinney, located between Plano and Frisco, Texas. It marks WWC’s 29th acquisition in the state.

“McKinney continues to show very promising population growth trends,” said Jay O’Connor, WWC’s senior director of acquisitions. “We look forward to beginning immediate property improvements and providing improved housing options for ReNew McKinney’s residents and positive returns for investors.”

Western Wealth Capital’s recent acquisitions

Constructed in 1986, the property is being renamed Brixton McKinney Apartment Homes. In line with WWC’s strategy to acquire value-add properties in areas with solid growth and economic metrics, McKinney is considered one of the safest cities in which to live in the U.S., and the region is home to several major employers including State Farm and Raytheon.

WWC says the property is a “prime candidate” for amenity and interior upgrades, including new washer and dryer installations.

The site was bought in partnership with Narland Properties, another Vancouver-based investment and management firm with which it has acquired three other properties.

“We are thrilled to partner with Western Wealth Capital once again and to invest in the company’s proven value-add system for generating favourable returns in the multifamily real estate market,” Narland Properties president Chris Sherry said in the announcement.

The acquisition is the second in November and the fifth in the past three months for WWC, which has added almost 1,200 rentals to its portfolio during that period.

Two weeks ago, WWC announced its 75th multifamily acquisition in the Phoenix area, where it is the second-largest owner of rental properties. WWC and its investment partners bought the 184-unit Cantala Apartment Homes, which was also constructed in 1986.

Cantala is in Glendale, just northwest of Phoenix and about 30 minutes from downtown. Major employers include Banner University Medical Center to the south and Honeywell Aerospace to the north.

The property will also be subject to WWC’s value-add upgrades program.

“This acquisition further solidifies the company’s strong presence in this market,” said Colin Fernandes, WWC’s associate director of acquisitions, in the announcement.

“Achieving $4 billion in total transactions since 2014 is a testament to the systematic approach to our investments. We look forward to future expansion and entering new markets in 2022.”

WWC’s other recent acquisitions

WWC says its program has led to 30 per cent average annualized returns on the 32 properties it has acquired, improved and then subsequently divested.

WWC’s other acquisitions since August include:

– The 265-unit Delano Apartment Homes in Mesa, east of Phoenix. Constructed in 1980, Delano offers access to both downtown Phoenix and downtown Tempe in under 30 minutes.

– Winters Creek Apartment Homes in Doraville, Ga. This is WWC’s fifth acquisition in the Atlanta Metro area, and comprises 200 units constructed in 1983. The community is along the I-85 corridor, a major industrial and warehouse/distribution hub, and about eight minutes from the Atlanta Technology Park with over 100 tech-related offices.

– The Carling on Frankford Apartment Homes in Carrollton, Texas, in the Dallas-Fort Worth region where WWC has acquired 14 other properties. Containing 274 rental units, the property was constructed in 1983. Western Wealth plans upgrades to the washers/dryers and fenced-in yard space for first-floor units, among other initiatives. “We are seeing an influx of people moving to the Dallas Fort-Worth area as there are many opportunities for employment,” O’Connor said in the announcement of that acquisition.

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