Western Wealth Capital picked up nearly 1,000 apartment units in Texas.
The investment firm acquired two multifamily residential complexes, its seventh property in Houston and fifth in Dallas.
The properties were built in 1976 and 1980, and most of the units still retain original interior features, which provides substantial value-add opportunities like interior upgrades and in-suite washer/dryer installations, according to Western Wealth. Rents are also below similar units and the immediate competitive set average.
The Dallas and Houston markets check all of the boxes for the company's business strategy. The cities have strong job and population growth, which is driving vacancy rates down and rental prices up in an environment with a large inventory of undervalued and underperforming multifamily properties.
“Houston and Dallas currently rank in the top five cities for both job and population growth in the U.S. and we believe now is the perfect time to invest and create value in these markets,” Western Wealth CEO Janet LePage said in a release.
Western Wealth has acquired 65 multifamily properties in the U.S., ramping up activity over the last three years. Its portfolio of 46 properties is valued at $1.3B for more than 13,900 apartment units.
Newmark Knight Frank represented the buyer. CBRE's Clint Duncan and Matt Phillips represented the undisclosed seller.
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