PASADENA, Calif. - ExchangeRight has announced that its El Paso Apartment Portfolio has outperformed its originally projected annualized cash flow distributions by 27.89% for its fiscal year 3, providing investors with a 7.75% annualized distribution rate for the year. This accomplishment marks the portfolio’s second consecutive year of material outperformance for investors by ExchangeRight.
The El Paso Apartment Portfolio is a two-property Class B value-add apartment offering totaling 393 units located in El Paso, Texas. ExchangeRight continues to achieve enhanced returns to investors through its value-add strategy by investing in renovations and capital improvements. Occupancy levels and rent collections for the properties, Wyndchase Apartments and Villa Sierra Apartments, have remained strong throughout the pandemic due to ExchangeRight’s proactive asset management team.
ExchangeRight’s acquisition and investment strategy focused on the demographic features and positive economic growth of the El Paso market supported by its medical, military, and manufacturing bi-cultural workforce. As of March 5, 2021, occupancy rates were 96.7% for Villa Sierra Apartments and 99.33% for Wyndchase Apartments.
“We are very pleased not only to have been able to provide our investors with stable income throughout the COVID-19 pandemic and resulting economic downturn, but also to be able to distribute an additional bonus as a result of our investment strategy’s outperformance,” said Joshua Ungerecht, a managing partner of ExchangeRight. “As with all of our offerings, we are committed to reliable management and stewardship of capital in order to provide steady distributions that are designed to perform favorably despite economic volatility.”
ExchangeRight and its affiliates’ vertically integrated platform features over $3.2 billion in assets under management, diversified across more than 775 properties, over 13 million square feet, and throughout 40 states. More than 4,600 investors have trusted ExchangeRight to manage their capital. All of the company’s current and past offerings have met or exceeded targeted cash flow distributions to investors since the company’s founding in 2012.
ExchangeRight pursues its passion to empower people to be secure, free, and generous by providing REIT, fund, and 1031 DST portfolios that target secure capital, stable income, and strategic exits. The company strategically acquires and manages long-term, net-leased assets backed by investment-grade corporations that operate essential businesses successfully in the necessity-based retail and healthcare industries. Please visit www.exchangeright.com for more information.