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Western Wealth Capital Purchases 296-Unit Sedona Canyon for $19.6M

McDowell Sells 17-Bldg Multifamily Community in NE San Antonio
January 19, 2018
Western Wealth Capital, a growth-oriented real estate investment company based out of Vancouver, BC, bolstered its southwestern U.S. rental portfolio with the acquisition of the 296-unit Sedona Canyon apartments in northeast San Antonio from McDowell Properties for $19.55 million, or about $66,000 per unit.

This acquisition marks as the buyer's third multifamily purchase in Texas since last year. The company's price value total of its transactions in Texas and Arizona total $519 million, with the majority of properties acquired within the past three years. Western Wealth Capital’s multifamily portfolio includes more than 6,800 units total since its inception in 2011.

“Our focus is wealth creation that provides the lowest risk exposure for our investor partners,” noted Janet LePage, co-founder and CEO of Western Wealth Capital. “Our precise sweet spot is multifamily rental properties that require only prudent capital investment and operational efficiencies to unlock significant value.”

Sedona Canyon totals 202,560 square feet and consists of 200 one- and 96 two-bedroom units. Community amenities include a business center, fitness center, laundry facilities, pool and a tennis court. Built in 1982 at 4620 Thousand Oaks Dr., the asset is nearby Interstates 35 and 140, Loop 1604, Highway 281 and the Wurzbach Parkway.

Matt Michelson of ARA Newmark was the sole broker involved in the deal.

Please see CoStar COMPS #4110214 for more information on this transaction.
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