Canada-based investor Western Wealth Capital has purchased a second North Texas apartment community in as many weeks.
The real estate firm just bought the 262-unit Heather Ridge Apartment Homes in Arlington. Built in 1983, the rental community on Heather Hill Court is Western Wealth’s 16th Dallas-Fort Worth property purchase.
“With multifamily sales breaking records in the industry this past quarter, we are thrilled to have acquired Heather Ridge for its value-add potential,” Western Wealth’s Jay O’Connor said in a statement. “With almost all unit interiors in classic condition and amenities that have not been upgraded recently, we are projecting a significant increase in value for investors in this property.”
Last week, Western Wealth acquired the 250-unit Brixton McKinney Apartment Homes in McKinney. Western Wealth partnered with Narland Properties on the purchase.
“We look forward to beginning immediate property improvements and providing improved housing options for McKinney’s residents and positive returns for investors,” O’Connor said.
The McKinney purchase was brokered by Brian Murphy, BJ O’Boyle and Richard Furr of Newmark Group Inc.
Based in North Vancouver, Western Wealth Capital has 60 multifamily properties with more than 15,000 units.