A local real estate investment company has expanded its southernwestern U.S. multi-family portfolio by acquiring a 296-unit apartment building in San Antonio.
Western Wealth Capital (WWC) purchased Sedona Canyon complex located in northeast San Antonio for $19.55 million. This is the company’s third Texas property, following the acquisition of Brynwood and Sereno Park apartments. The properties had 276 units and 204 units, respectively.
The three sales bring WWC’s investment value in Texas and Arizona property to $519 million.
WWC’s most recent acquisition is in line with its growth plan to acquire underperforming rental buildings in the hopes of increase the asset's cash-flow to eventually sell for a profit.
"Our focus is wealth creation that provides the lowest risk exposure for our investor partners. Our precise sweet spot is multifamily rental properties that require only prudent capital investment and operational efficiencies to unlock significant value," says WWC CEO Janet LePage.
The Sedona Canyon sale was brokered by ARA, a Newmark Company. WWC’s current portfolio includes 28 multi-family rental buildings including more than 5,400 units.
