Since its inception in 2007, WestCorp has achieved a great deal of success in its management of various kinds of multi-family properties in the industry. We have been able to build an enviable and unmatched team of experts, create stellar business relationships with our investors, and help our clients significantly increase the market value and bottom line of their investment properties. Our success stories range from the complete turn-around of older communities to make them competitive and gain market share to the deft delivering and absorbing of brand-new apartment communities within a very short period of time. These achievements and accolades give our investors the leverage to quickly turnaround and put their brand-new properties on the market for sale and earn huge amounts of profits. In fact, some of our clients were able to earn more than 50% on ROI, just after two years of completion and delivery of their properties.
Below are just a handful of some of the many multi-family properties that we have quite successfully turned around over the years.
Woodhaven (Currently known as Orion Apartments)
Property Address: 3650 Stober Blvd, Las Vegas, NV 89103
Year Built: 1981
Number of Units: 225
Managed Year: 2014 – 2016
Purchased Price: $12.8M
Sold Date: 6/23/2016
When Westcorp took over management at Woodhaven, it was on the verge of being shut down by the City and Building Code Enforcement division. Occupancy was 74%, there was severe delinquency in rent payments, and the property was generating a mere $72,215 per month.
Immediately after taking over management, Westcorp implemented much-needed policies and procedures, repaired long-overdue damages, improved amenities, and even instilled a sense of community in its residents. In April 2015, less than nine months into its management, Westcorp saw an increase in payment and fees of over $101,000, a 40% increase since taking over, and occupancy was at 90%. In addition, Westcorp was lauded by local authorities for turning one of the worst properties in the area into one of the best in less than a year, and Woodhaven became a model for other properties in the area.
Las Palmas Apartment Homes (Currently known as Evoq Apartments)
Property Address: 3550 Paradise Rd, Las Vegas, NV 89109
Year Built: 1974
Number of Units: 391
Managed Year: 2014 – 2017
Purchased Price: $26.8M
Sold Date: 9/19/2017
Like Woodhaven’s challenges, Las Palmas Apartment was also on the verge of being shutdown by the Fire Department and Building Code Enforcement office, when Westcorp took over the property management. Unclear leases, multiple break-ins, squatters, and a general feeling of unwellness permeated the community. However, due to Westcorp’s extensive experience and skill in managing and turning around properties, it was able to turn things, including tenant attitudes and feelings of safety, and wellbeing within just a few weeks. Within six months after Westcorp took over its management, occupancy increased from 73% to 95%. An accomplishment virtually unheard of in the industry.
Property Address: 1121 Lulu Ave, Las Vegas, NV 89119
Year Built: 1963
Number of Units: 339
Managed Year: 2015 till present
Purchased Price: $12.8M
Sold Date: 2/17/2015
When Westcorp took over Vibe apartments, the property lacked appeal to prospective residents, was unable to increase occupancy level and felt unsafe according to its residents at that time. However, Westcorp was able to turn around the property and make it competitive by renovating over 100 units, revitalized the clubhouse and curb appeal with modern finishing, added fresh paintwork to building exteriors and a brand-new pool to the community. Westcorp also rebranded the community with the new logo and ensured there was an onsite security patrol. Occupancy was 73% when Westcorp took over management, but it grew to 90% within six months because of our lease-up, branding, and maintenance expertise.
Property Address: 6355 S Durango Dr. Las Vegas, NV 89113
Number of Units: 310
Managed Year: 2015 – 2017
Purchased Price: $55.2M
Sold Date: 5/19/2017
One of Westcorp’s core business strategies in property management is to ensure that we increase the market value of the communities we manage for the owners. Taking over the management and marketing of SW apartments immediately after completion and delivery was another massive success for Westcorp. Our professional management expertise in lease-ups and maintenance was key to better positioning and quickly increasing the property’s market value. For example, the property units were quickly absorbed a few months after delivery, and occupancy averaged about 95% at the time of sale. Over the past five years, we have successfully leased up multiple brand-new communities within concise time frames, including Dream Apartments, Union, The Wyatt, Lyric and Evolve Apartment Homes.