Western Wealth Capital completes sale of Solstice at Arcadia

Multi-family building generates 27% return over 16-month term

(North Vancouver / May 9, 2017) Western Wealth Capital (WWC), a growth-oriented real estate investment company, is pleased to announce the completion of its sale of Solstice at Acadia, a multi-family unit building in the company’s Arizona portfolio.

WWC purchased the 133-unit building in December 2015 for $9.3 million (all figures $US). WWC has now sold the building for $12.15 million – a 38% increase to acquisition price. Net of capital investments on building improvements, WWC investors in Solstice received an annualized return of 27%. The sale is the company’s fifth divestment since 2012.

Janet LePage, Chief Executive Officer of WWC, says the sale is an affirmation of Phoenix’s positive growth trends in GDP, population and employment.

“The bid was unsolicited which underlines the demand growing in the Phoenix market for rental buildings owing to the region’s strong business climate,” says LePage. “We executed on the transaction because it offered both certainty and significant return for our investors.”

WWC is focused on acquiring undervalued multi-family rental buildings; carefully allocating capital and optimizing operations to improve the asset’s performance and valuation; and divesting, when appropriate, at an accretive price for investors.

WWC’s Phoenix portfolio currently includes 25 multi-family unit buildings, with a combined purchase-value of approximately $300 million. Managing approximately 4,000 units, WWC is the third largest multi-family owner in the Phoenix area.