low income housing tax credit lihtc investments

00 / Why LIHTC, Why Now

A Repeatable, Non-Cyclical Opportunity

As LIHTC restrictions expire owners are freed to convert to market rents. Many of these assets sit below-replacement-cost and carry large loss-to-lease potential.

—Non-cyclical, government-created pipeline — expirations are pre-dated, publicly identifiable, and increasing annually through the early 2030s.
—Significant depreciation benefits — older-vintage assets plus new capex, enhanced by bonus depreciation under current policy.
—Multiple exit pathways — refinance post-stabilization, sale to core/core-plus buyers, or sale to preservation buyers and municipalities.

01 / Market Opportunity

The Expiration Wave, By The Numbers

Dallas–Fort Worth

~17,500

Phoenix

~13,700

Atlanta

~11,000

Charlotte

~8,200

Las Vegas

~7,000

Projected LIHTC expirations by metro, 2026–2030 (estimated).

Estimates Are Interpolated Ranges Consistent With

Expirations that are pre-dated, publicly identifiable, and geographically concentrated in Sun Belt markets

Government-Created Undercapitalized

02 / Deep Value-Asymmetry

Why The Margin of Safety Is Rare

—Many assets show two decades of underinvestment in capital improvements, plus operational underperformance under nonprofit or mission-driven ownership.
—Aging property systems create a genuine need for recapitalization — the trigger point for WWC's value-add platform.
—Once restrictions lift with no rent control or renewed regulatory agreement, owners can mark rents toward market on turnover, re-tenant to a higher income band, and reconfigure unit mix to drive PSF and per-unit rents.

Market Conversion Strategy

Acquire expiring LIHTC assets
Strategically re-tenant as residents move
Renovate interiors/exteriors
Capture loss-to-lease
Exit or refinance stabilized market rents

03 / Case Study

Bradshaw Vista Apartments — Wickenburg, AZ

From Restricted Rents to Full Market Conversion

Bradshaw Vista is a 48-unit community built and placed in service in 2004 under Section 42 LIHTC, operating under a Land Use Restriction Agreement requiring the large majority of units to serve residents at 40–60% of AMI. That regulatory agreement expired in February 2025, and the property now operates fully at market rate.

Average rents rose from $644 per month under LIHTC restrictions to $1,589 per month today, a 147% increase over five years. The asset, acquired for $3.2 million ($66,667/unit), is now under contract to sell for $7.2 million ($150,000/unit).

5-YrHold Period

147%Rent Growth

28%Expected IRR

2.34xEquity Multiple

04 / About Western Wealth Capital

A Platform Built To Execute At Scale

Founded in 2014, Western Wealth Capital (WWC) is a Phoenix-based fund manager investing in value-add multifamily real estate across strong Sun Belt markets. WWC's vertically integrated platform performs all deal sourcing, acquisitions, and asset, property, and construction management internally.

130Assets Acquired

29,896Units Acquired

$4.0bnIn Purchases

$2.4bnTotal Sale Price

05 / Institutional Relationships

Deep, Longstanding Capital Partnerships

WWC has maintained strong partnerships with institutional equity and debt partners — including a 2021 programmatic joint venture with KKR that acquired six properties (1,806 units) totaling $430 million in gross asset value, three of which have already been exited.