City of Tulsa

As industry leaders with a proven track record, we invite you to consider why investing with us is a strategic move. With a strong commitment to innovation, integrity, and excellence, West Development stands at the forefront of shaping urban landscapes and redefining skylines. Our extensive experience in identifying prime locations, executing visionary projects, and delivering sustainable returns sets us apart. Join us in our journey to unlock the potential of commercial real estate, capitalize on emerging trends, and achieve remarkable growth. Your investment with West Development isn't just an investment; it's a partnership in building a future of success and prosperity.

Our Strategy

  • Focus on primary MSA’s with diverse employment nodes and strong population growth that fit our market opportunities.

  • Source deals from trusted broker relationships that our mostly off-market opportunities.

  • Underwrite deals using our strictly defined acquisition criteria and stress-test to ensure our down-side risk is mitigated.

ACQUISITION

  • Class A / B/ C Multifamily Housing

  • Years Built: 1980-2023

  • 80%+ Occupancy

  • Minimum funtional obsolescence with deferred maintenance that can be remediated.

  • Opportunities with proven value-add potential to force appreciation.

REPOSITION

  • Drive operational improvements via streamlining processes, reducing overhead, renegotiating contracts and incorporating technology.

  • Harden asset with capital infusion to physically improve interiors, curb appeal, and amenities, curb appeal, and amenities and cure deferred maintenance.

  • Improve tenant base by implementing stronger qualification standards, addressing lease violations promptly and maintaining strong reputation management.

Criteria

  • Utilize KPI’s to maximize rent premiums, command renewal increases, drive traffic, etc. that should drive top line rental and other income growth.

  • Ensure expense reduction strategies such as water conservation, volume-based sourcing, etc. are being realized via regular tracking analysis.

  • Ensure cash-flow targets are being achieved via to capture forced equity.

  • Strategize capital events such as refinance or sale to capture forced equity.

MONETIZATION

  • 5-7% Annualized Cash-on-Cash (CoC)

  • 1.8-2.0x + Equity Multiple (EM)

  • 16-20% + Average Annual Return (AAR)

  • 13-16% + Internal Rate of Return (IRR)

    Focus on Strong risk-adjusted returns factoring asset, location, and business plan. (based on a 5-year hold model)