- Published on Friday, 09 November 2018 16:31
On September 14th, Westplan Investors successfully closed the sale of District at Mountain Vista, a 384-unit, garden-style asset located outside Phoenix, AZ. Cortland Partners purchased the property. Westplan originally invested in the deal in 2008 as the LP equity and took over as GP when the deal was recapitalized in 2011. Since then average in-place rents have increased approximately 5% per year. YTD 2018 NOI annualized is 60% higher than the 2011 annual NOI.
Westplan’s CEO, Ewoud Swaak says “Thanks to our investors that had the confidence and vision in the market and our capabilities, we were able to recapitalize many of our pre-recession properties and have been able to generate a very attractive return”.