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News
NWJ COMPANIES MOVES INTO EL PASO MARKET
WITH MULTI-MILLION DOLLAR REAL ESTATE PURCHASE
Friday Oct 3, 2008
NWJ Companies Announces $11 Million Acquisition In Texas Multifamily Market
NEW YORK, NY and EL PASO, TX (October 3, 2008) -- New York based NWJ Companies, Inc. parent company to customer-centric Signature Community properties, announced today their first major multifamily acquisition in El Paso, TX. The properties are Three Fountains (77 units), Village I (87 units) and Village II Apartments (72 units). NWJ Companies purchased this portfolio for approximately $9 million and intends to invest more than $2 million to upgrade and revitalize the properties to meet the high quality standards of the Signature Community family. Kunal Chothani of Investment Property Advisors acted as the investment advisor for NWJ Companies, with Summit Capital Partners V, LLC making its fifth investment with NWJ Companies over the past two years as equity investors for this high-profile transaction.
"We are excited to enter the El Paso market with this purchase, and grateful to our lending and investment partners for their continued commitment to our business model in these times of economic uncertainty. We look forward to continuing to add to our portfolio in this market going forward." said Nickolas W. Jekogian, III, president and CEO of NWJ Companies. "This acquisition aligns with our overall strategy of acquiring and repositioning under-valued apartment assets, which we are confident will be successful due to our high operating standards and our continued long term hold strategy."
The newly attained properties are located on the west side of El Paso. Three Fountains features over-sized one, two and three bedroom apartments. Village I and II offer spacious floor plans, including two-story townhouse style cottages in Village II. NWJ Companies plans to modernize the interiors, along with making improvements to the common areas and exterior to align with the Signature Community lifestyle.
"Fortunately we are still able to obtain financing in a tough environment due to our long track record and underlying fundamentals in our acquisition model", said David McLain, Vice President-Acquisitions of NWJ Companies. "This is an exciting project with a superior location, within walking distance to major retail. We were attracted to the El Paso market because of its excellent fundamentals and potential to become a welcoming, high quality home for future Signature Community residents."
About Investment Property Advisors
Investment Property Advisors (www.ipa-realestate.com) is a brokerage company specializing in small to midsize multifamily properties. The team has a proven formula to perform thorough investigations on the target assets. Market studies, building and environmental reviews, and renovation budgeting are performed by IPA using the latest technologies to provide sharp and detailed feedback to the Acquisition Specialists, all within a very short time period to expedite the transaction.