ACQUISTION CRITERIA

Class

Property Type

Arizona, California, Nevada, Utah, South Carolina and North Carolina

Garden, Mid Rise Apartments

Westridge analyzes individual markets by reviewing population and employment growth trends and projections and then focusing on those submarkets where the cost to rent is affordable, median income is approximately $35,000 to $85,000 per year and there is access nearby to retail, commercial and employment centers.

Westridge’s preferred target markets are Arizona (Phoenix and Tucson), Utah (Salt Lake City), Nevada (Las Vegas-Henderson), North Carolina (Raleigh and Greensboro), South Carolina (Greenville-Anderson and Charleston) and the Central Valley in California (Bakersfield and Fresno).

Each of these target markets have population growth rates that have outpaced the national metro average over the past decade, and are business friendly when compared to the traditional gateway markets. Since 2010, Westridge’s target markets have maintained an average spread over national growth rates by approximately 50 basis points per year. In addition, Westridge’s target markets grew by an additional 83 basis points in 2019 above the national population growth rate. Continued population growth in these markets should continue to spur economic activity and employment growth.