For accredited investors only
- $4.6 billion in real estate transactions
- 24,000 multifamily units and counting
- Second largest owner and operator in Phoenix, Arizona
Western Wealth Capital Management Ltd. (“WWC”) is a value-add commercial real estate operation with a specific focus on the multifamily asset class in the USA. Through multiple integrated corporate level entities they identify, acquire, upgrade, manage, refinance, and divest properties across Arizona, Georgia, Nevada and Texas, with specific focus on the high growth markets of Atlanta, Dallas, Houston, Phoenix, Las Vegas, and San Antonio.
Western Wealth Capital Management Ltd. (“WWC”) is a value-add commercial real estate operation with a specific focus on the multifamily asset class in the USA. Through multiple integrated corporate level entities they identify, acquire, upgrade, manage, refinance, and divest properties across Arizona, Georgia, Nevada and Texas, with specific focus on the high growth markets of Atlanta, Dallas, Houston, Phoenix, Las Vegas, and San Antonio.
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Issuer |
WWC U.S. Multifamily Real Estate Fund (the “Trust”) |
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Nature of Offering |
Private Placement |
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Securities Offered |
Class A, Series A and Series F Unit of the Trust |
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Minimum Investment |
CAD 25,000 |
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Investment Strategy |
The fund seeks to generate returns for investors by targeting investments in property LPs that own underlying real estate assets
that it believes provide downside protection as well as the opportunity for value creation post-investment through strategic improvements
to the underlying asset. It will invest primarily in securities of limited partnerships and companies involved in the acquisition, management,
and disposition of multi-unit residential real estate properties in key U.S. markets. |
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Investment Horizon |
Approximate seven (7) year term, and subject to right of the Trustees to extend up to nine (9) year term. |
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Distribution Waterfall |
The Trust intends to make distributions to Unitholders of income and/or returns of capital at such times as determined by the Trustees. After the Financing Period, the Trust intends to make annual distributions to
Unitholders. Any such distributions are in the discretion of the Trust and subject to available cashflow.
All Units of a particular series are entitled to participate pro-rata with other Units of the same series with respect to payments or distributions made to holders of that series. Readers should refer to the Offering Memorandum. |
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Management Fee |
Class A, Series F:
1% per annum of the greater of the Initial Investment Amount or NAV of the Trust, payable in monthly installments in advance.
Class A, Series A: 2% per annum of the greater of the Initial Investment Amount or NAV of the Trust, payable in monthly installments in advance. |
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Redemption Rights |
As at last day of a calendar quarter (Mar 31, June 30, Sep 30, Dec 31). Unitholder must provide the trust written notice at least 90 days prior to a redemption date. Quarterly Limitations are $100K OR 25bps of NAV, whichever is greater. • If redeemed within 6 months of purchase; 3% early redemption fee. • If redeemed during the Financing Period (initial 3 year period; to deploy capital), redemption price will be based on subscription price paid. • If redeemed after Financing Period, based on most current NAV. Trust is not required to redeem Units for cash if the redemption of Units will result in the Trust losing its status as a “mutual fund trust” for the purposes of the Income Tax Act (Canada). Further, the Trust is not required to redeem Units if it has insufficient liquid assets to fund such redemptions or, if after paying such redemptions, the Trust would have insufficient assets to pay its liabilities as they become due. In the case where the Trust does not pay the redemption price for Units in cash, it may pay the redemption price in Redemption Notes, which are promissory notes. Any Redemption Notes which may be received as a result of a redemption of Units will not be qualified investments for Registered Plans and will have adverse tax consequences if held by a Registered Plan. |
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Risks |
Private placement securities carry risk and, if you invest, you will be asked to confirm that you understand you could lose all your money. If you need to redeem your investment before its term expires, you may incur additional costs and you may not be able to redeem at all. There is no secondary market where you can sell these securities. For more information about general and specific risks, see the related Offering Memorandum. |
WWC Investment Thesis
Compelling demographic fundamentals make U.S. rental housing a long-term investment.
Restricted access to mortgages and high student
debt make homeownership a challenge for many Americans.
The “sharing economy” is here
to stay and rentership has been accepted across the
demographic spectrum.
Many young professionals
value a low maintenance
and experience-oriented
lifestyle.
Baby boomers are
aging and less
likely to borrow
and spend.
Restricted access to mortgages and high student
debt make homeownership a challenge for many Americans
Restricted access to mortgages and high student
debt make homeownership a challenge for many Americans.
The “sharing economy” is here
to stay and rentership has been accepted across the
demographic spectrum.
Many young professionals
value a low maintenance
and experience-oriented
lifestyle.
Baby boomers are
aging and less
likely to borrow
and spend.
Current and Target Market
WWC Investment Philosophy
Strong Economic Growth
Western Wealth target markets must meet
its rigorous acquisition criteria for economic and job growth.
Well-Located Real Estate
Western Wealth finds the right assets that have lacked investment and
management.
Hands-On Management
Western Wealth has an intensive investment, operational and property management process.
Barriers to New Supply
Western Wealth always looks to find assets in supply-constrained markets that match its target demographic.
Strong Economic Growth
Western Wealth target markets must meet
its rigorous acquisition criteria for economic and job growth.
Well-Located Real Estate
Western Wealth finds the right assets that have lacked investment and
management.
Hands-On Management
Western Wealth has an intensive investment, operational and property management process.
Barriers to New Supply
Western Wealth always looks to find assets in Supply-constrained markets that match its target demographic.
Conservative Leverage
Western Wealth employs a very conservative
approach to the debt on all its properties.
Buy Below Replacement Cost
Western Wealth seeks to buy assets at a
discount to replacement cost.
Attractive Yield on Cost
Western Wealth looks to improve its operating
cash flows quickly.
Buy Below Replacement Cost
Western Wealth seeks to buy assets at a
discount to replacement cost.
Attractive Yield on Cost
Western Wealth looks to improve its operating
cash flows quickly.
Conservative Leverage
Western Wealth employs a very conservative
approach to the debt on all its properties.
Buy Below Replacement Cost
Western Wealth seeks to buy assets at a
discount to replacement cost.
Attractive Yield on Cost
Western Wealth looks to improve its operating
cash flows quickly.
Conservative Leverage
Western Wealth employs a very conservative
approach to the debt on all its properties.
Restricted access to mortgages and high student
debt make homeownership a challenge for many Americans
Current and Target Markets
Current and Target Market
As Homeownership Becomes
Less Accessible,
The Number of Renter
Households Continues to Increase
2018-2028 Projections
U.S. Average
Household Growth
12.2M
U.S. Average Employment Growth
8.4M
2018-2028 Projections
2018-2028
2018-2028
U.S. Average
Household Growth
Projection – 12.2M
2018-2028
U.S. Average Projected
Employment Growth –
8.4M jobs
Source: U.S. Census Bureau, Current Population Survey/Housing Vacancy Survey, Zillow Research.
1. Housing payments include mortgage principal and interest, property taxes, property insurance, and mortgage insurance
The WWC 30 Day Transformation
Capital improvements and property upgrades are designed to improve the resident experience, command additional rental income, and rapidly increase the value of the property. With significant changes beginning on the very first day of ownership, the 30-Day Transformation is a clear and welcome indicator of WWC’s operational efficacy. Upgraded interiors, exteriors, amenities and landscaping are all underway within 30 days of purchase, as well as the roll-out of our new marketing programs.
Western Wealth Social Impact
Our “We’ve Got Your Back” program was created to help school-aged children get started on the right foot. WWC staff personally purchases school supplies from local businesses and organizes them into individual backpacks. The backpacks are distributed to WWC’s multifamily properties, with additional supplies donated to local charities.
Rent-Free Christmas
Property managers at each WWC community select a family who would most benefit from one month’s free rent, so they may use those funds to instead create a Christmas memory with their family. As part of the program, three families from each community are also gifted a holiday package that includes gifts for children and parent(s) purchased by WWC staff and property managers.
Putting People First: Richard’s Story
“Over 20,000 people lay their heads at night in our properties,” says CEO Janet LePage. “I made a promise that we would do business on human terms – not on term sheets alone.” WWC puts people first in all our communities. One example is our Rent-Free Christmas program, which allows selected residents the financial freedom to make Christmas memories for their families. Select families also receive Christmas gifts for their children. “It lets me know there are good people in the world,” said Richard, WWC resident and Rent-Free Christmas recipient, in an emotional moment with Janet LePage. “Honestly, I wouldn’t be able to do this for my kids. I really appreciate it.”
For the past decade, Janet has been focused on creating wealth through well-selected real estate investment. She has grown her precise business strategy from more than 50 residential transactions in Arizona to the purchase of multi-family buildings. Under Janet’s leadership, WWC has acquired over 60 multi-family properties, comprising more than 12,000 rental units, with a transactional value of more than US$1.6 billion. Janet is co-author of ‘Real Estate Action 2.0’, released in 2016 by Jurock Publishing Ltd. In 2017, Janet was named entrepreneur of the Year (Real Estate/Construction/Pacific region) by Ernst & Young. In 2016, Janet was named one of Business in Vancouver’s Forty Under 40 and was awarded the Veuve Cliquot Canadian New Generation Award, which recognizes young female entrepreneurs. She holds a Bachelor of Applied Science in Computer Science and Business Administration (Simon Fraser University) and a Project Management Professional designation. David is an entrepreneurial executive who has offered leading-edge investment opportunities to thousands of individual investors in both Canada and the United States. From 1997 to 2001, David was CEO of International Properties Group Ltd. (IPG), a TSX-listed real estate company that purchased apartment buildings and converted them to condominiums. While at IPG, David developed and operated a wealth management division, which helped thousands of individual investors acquire more than 85 projects and 7,000 properties throughout North America. Those investment properties continue to generate passive investment income today. David has been actively involved in the growth of the Entrepreneurs Organization (EO), a non-profit organization that now has over 7,500 members worldwide. From 1993 to 1994, David served as EO’s International President. David has a Bachelor of Commerce degree with a major in finance from the University of Calgary. Doug has wide oversight of asset valuation, deal structure and financing, and overall company stewardship. He has served as both Vice President of Finance and Capital & Investments for Amacon Development Group, a leading Canadian real estate development and construction firm. While at Amacon, he placed $1.5 billion in new construction loans and long-term real estate loans, as well as structured numerous credits requiring syndicated financing participants. He has developed solid relationships with commercial real estate brokers in multiple geographic markets and analyzed property acquisitions across all product types. Doug has also served in several management roles with Canadian financial institutions. Doug holds an MBA in finance from Dalhousie University. Mark’s career has spanned 16 years with senior level roles ranging from Big 6 Banks to boutique wealth management and insurance firms. He has led projects that include compliance, sales strategies and enterprise-wide technology for thousands of registered investment professionals nationally. He was most recently SVP and Chief Compliance Officer for a Vancouver Exempt Market Dealership/Asset Management Corporation where he provided oversight for the operations, sales, and regulatory audits at the firm.
Mark is currently focused on Western Wealth Capital’s mutual fund trust and the associated capital raising efforts. Mark’s experience in the IIROC, MFDA, and EMD regulatory environments as well as his senior sales management experience set him up well to navigate the balance required to bring the company into new channels.
Mark’s combination of experience is a terrific fit for Western Wealth Capital as the company launches new funds through investment advisors in the IIROC world, EMDs and other institutions. Rob is the Chief Financial Officer at Western Wealth Capital and has oversight of finance and shared services. Rob is a seasoned executive with experience in progressive fast growth organizations that aim to make a real impact. He has overseen asset portfolio’s in excess of $20 Billion and has a real passion for the alignment of financial, people and community success. Rob also has more than a decade of experience in governance roles with financial institutions, real estate development, insurance, mutual funds, and transportation industries. John has more than 25 years of experience in overseeing real estate operations for growth companies with a national footprint. John was previously Senior Managing Director of Real Estate Operations for Greystar Real Estate Partners (Greystar), the largest operator of rental apartments in the US. At Greystar, he oversaw the company’s Arizona, New Mexico and Nevada portfolio, which included 120 multi-family properties and 32,000 units. John led a large team with oversight of real estate, construction and capital projects, marketing, audit and compliance, client services and administration. Previous to Greystar, Rials was a contributor to the growth of Equity Residential (EQR) from 75,000 units to more than 225,000 units during his time there. John holds a BSBA in finance from the University of Texas at Dallas. Erik has nearly 20 years’ experience in business development, financial management and business-plan execution in leadership roles with rapid-growth companies. Erik previously held a management role at Ledcor Technical Services, a division of Ledcor Group, where he was responsible for price, proposal and contract development for large opportunities, seeing them through from pursuit to successful implementation. During Erik’s four years at Ledcor, the division doubled annual revenues and developed a strong backlog of large, multi-year projects. Prior to joining Ledcor, Erik was responsible for product management and market development at Parasun Technologies. He was part of the leadership team that grew annual revenue ten-fold, leading to the company’s acquisition. Erik holds a Bachelor of Commerce in Entrepreneurship from the University of Victoria. Warren has assumed leadership roles in the management and control of the general accounting, finance and tax-planning functions for several real estate companies. He was previously Vice President of Finance for Vanac Development Corp., an asset and property management company overseeing a portfolio of residential apartment buildings and mobile home parks. Warren oversaw tax compliance, accounting, reporting, loan financing and due diligence on acquisitions. He has specific experience in developing initiatives to increase rental revenues, reduce operating costs and maximize net operating income. Warren has served as corporate controller for Intracorp Projects Ltd. and Bosa Development Corp. Warren is a Certified Professional Accountant and holds a Bachelor of Commerce from the University of British Columbia. Ashley has carved a unique career path over the past 15 years with experience spanning New York, Toronto and Vancouver markets in investment banking, corporate finance and commercial real estate. O’Neill began her career in investment banking at Jefferies & Co in New York, following which she held a position as an institutional analyst at Phillips Hager & North before making the move into commercial real estate.
Over the past decade, Ms. O’Neill became a key member of CBRE Limited’s executive team, a global commercial real estate enterprise, where she held the position of Senior Vice President, Corporate Strategy in Canada. With oversight of CBRE’s platform operations including research, marketing, public relations and information technology, O’Neill brings an extremely diverse and integrated skill set in finance, strategic business development, asset management and operations to the Western Wealth Capital executive team.
As Western Wealth Capital’s Vice President of Capital Markets, Ashley is focused on raising capital with both new and existing institutional and private capital investor channels. Her experience serves as an advantage to Western Wealth Capital by creating further alignment between the company’s investment strategy and expanding relationships with institutional and other private equity investors. Tim has more than 25 years of experience in business development, financial management and client relationship management. He was responsible for the oversight of more than $1 billion in assets and managed a 40-person team at TD Bank Financial Group. As a Senior Consultant at Standard Life, Tim worked with a group of high net worth advisors throughout BC, helping them increase the efficiency and profitability of their businesses. At Cassels Blaikie, Tim was responsible for the relationship management of institutional and high net worth clients. Shauna’s career has spanned over 25 years, with senior level roles in organizational and executive-level coaching and consulting, extensive career experience at an executive level in high-growth, values-centric organizations, and an MBA and post-graduate certification in strategic human resources.
Shauna supports the rapid growth of the business through building the people strategy that will enable the organization to thrive. As our people-first approach strives for excellence at every point: from property selection and management to employee and resident satisfaction, to investor confidence, she develops the systems and leadership that support an exceptional employee experience. As Vice President, Finance & Accounting, Ryan leads the corporate and property accounting teams in Canada and the US. He is responsible for overseeing the investor and institutional financial reporting and lender compliance at Western Wealth Capital.
Ryan started his career at Ernst & Young, where he managed large privately held and publicly listed audit clients. He then progressed into management positions with a Canadian TSX listed mining company and two of Canada’s largest gold and forestry organizations. Most recently, he was on the senior leadership team with a Vancouver-based real estate investment company, where he developed institutional-level standards for the corporate, property, institutional reporting, treasury, and tax process. Ryan has more than 16 years post-Chartered Professional Accountant designation experience, with a BA in Economics at the University of Victoria and an MBA from the Smith School of Business at Queen’s University.Executive Team
Janet LePage
Co-Founder & Chief Executive Officer
David Steele
Co-Founder & General Partner
Doug Mather
Executive Vice President, Acquisitions
Mark Breakspear
Vice President, Fund Operations and Distribution
Rob Malli
Chief Financial Officer
John Rials
Executive Vice President, Operations
Erik Loptson
Vice President, Corporate Operations
Warren Kent
Vice President, Finance
Ashley O’Neill
Vice President, Capital Markets
Tim McLeary
Vice President, Investor Relations
Shauna Grinke
Vice President, People and Culture
Ryan Utley
Vice President, Finance and Accounting
Western Wealth Awards
This information is available to Finhaven Private Markets account holders only. Please contact compliance@finhaven.com to request the documents once you have opened your account with us.
Click here to access. The projected date for the beginning of the calculation of NAV will be approximately Q1, 2023. The NAV of the Trust in respect of a Q1, Q2 or Q3 Valuation Date shall be calculated within 60 days of such date and the NAV of the Trust in respect of a Q4 Valuation Date and any other Valuation Date that is not a Q1, Q2 or Q3 Valuation Date shall be calculated within 120 days of such date. The WWC Entities have adopted a Conflict of Interest Policy pursuant to which, in order to proceed, all Trust matters that involve a Conflict of Interest Matter require the approval of the Independent Trustee(s) – which effectively functions as a “veto” for the Independent Trustee with respect to any investments which could be considered to be Conflict of Interest Matters for the Trust and also affects the other WWC Entities. The Conflict of Interest Policy is to some extent based upon National Instrument 81-107 (the “Instrument”) however, it being understood that the Instrument does not apply to the Trust or other WWC Entities and the WWC Entities do not intend to comply fully with the requirements of the Instrument. The Conflict of Interest Policy is intended to ensure that proper procedures are followed where a Conflict of Interest Matter is identified, with a view to causing the applicable actions or transactions to be fair and reasonable to the Trust. This policy is intended to supplement, but not replace, any applicable laws governing conflicts of interest applicable to the Trust and its Trustees. See Offering Memorandum, Item 4.3 – Conflict of Interest Policy. The Independent Trustee(s) shall make an annual report regarding Conflict of Interest Matters reasonably available to Unitholders on or around the same time as the Trust makes its annual audited financial statements available to Unitholders. The Trust intends to appoint one additional Independent Trustee within ninety (90) days of the Trust raising $50,000,000 in gross proceeds under the Offering. For more information, see the Offering Memorandum.