WWC Enters San Antonio Market
- Nov 21, 2017
Western Wealth Capital (WWC) has entered San Antonio through the acquisition of two multifamily properties. The move expands the company’s investment portfolio to a second market outside of Phoenix, where the company is the second largest multifamily owner by the number of units.
In San Antonio, WWC has acquired Brynwood and Sereno Park with funds from a private equity group. The company has a six-stage investment strategy: acquire undervalued multifamily rental properties; allocate capital to accretive improvements; optimize operations to increase the asset’s net cash flow and valuation; refinance to return equity to investors; when appropriate, divest.
Brynwood is a 15-building, 276-unit community situated on nearly 12 acres at 8711 Bowens Crossing, previously owned by Fairfield Residential, according to data provider Yardi Matrix. The unit mix consists of one- to three-bedroom floorplans ranging from 587 to 1,181 square feet. Common area amenities include a fitness center, business center, clubhouse, basketball court, playground, swimming pool, spa, laundry facilities and partial covered parking. Units feature private balconies/patios, vaulted ceilings, outside storage and washer and dryer hookups.
Sereno Park consists of 13 three-story buildings on nine acres at 3903 SE Military Drive in the metro’s East Side submarket. This 204-unit community was also previously owned by Fairfield Residential. The unit mix offers the same floorplans as Bryanwood, but the square footage is different, ranging from 734 square feet for a one-bedroom unit to 1,150 square feet for a three-bedroom apartment. Community amenities include a fitness center, business center, clubhouse, playground, swimming pool, laundry facilities and parking. Units feature vaulted ceilings, washer and dryer in all units and private balconies/patios.
“We believe San Antonio is at a perfect intersection, providing the lowest investment risk and the longest runway for opportunity,” Janet LePage, CEO of WWC, said in prepared remarks. “In terms of timing and potential, San Antonio is at an excellent entry point to create scalable growth.”
Both acquisitions were brokered by ARA, a Newmark Co.
Images courtesy of WWC