Since inception in 2007, Westview has successfully invested over $13 million of equity capital and realized investments totaling over $46 million.

 

Senior Home Purchase Program (SHPP)

Single-Family   ·   San Diego County, CA

Website: westviewshpp.com

Problem

Currently, homeowners have three viable options to sell their home:

1) Through a traditional sales process using a real estate agent

2) To an iBuyer (Opendoor, Zillow Offers, Redfin
Now, etc.)

3) Indirectly to an anonymous and unreliable flipper.

Some homeowners have the time, energy and funds to take on the traditional sales process. For those who do not have this luxury, their remaining options are to sell to an iBuyer or negotiate with a flipper. iBuyers typically have narrow buying parameters, which generally excludes homes in disrepair. Additionally, the thought of completing
an online sale of what is likely one’s largest asset can be unsettling.

A subsection of the market who do not view these solutions as viable options is the senior population and their family members.

Solution

In 2015, Westview created the unique Senior Home Purchase Program (“SHPP”) to solve this problem.

SHPP eliminates the time and stress associated with the traditional sales process while also offering a certain, reliable and customer-centric alternative to flippers and iBuyers. We purchase homes in ‘as-is’ condition and close escrow in 20 days or less.

Seniors who have lived in their home for many years are SHPP’s typical client profile.

VideoWhat is the Senior Home Purchase Program?

ArticleSpotlight San Diego


Mizner Townhome Apartments

Multi-family   ·   Escondido, CA

Investment Premise:

  • Inattentive ownership and management
  • Vacancy rates significantly above market
  • Substantial renovation and deferred maintenance needs
  • Market demand for improved rental units
  • Opportunity to shift water and sewer costs from owner to tenant

VideoRedevelopment Progression

Article Redevelopment Project Under Way in Escondido

More Detail


3769 32nd St

Multi-family   ·   San Diego, CA

Investment Premise:

  • Minimal to no rent increases through 13 years of ownership
  • Strong rental market with substantial, long-term growth indicators

More Detail


238-246 E 15th Avenue

Multi-family   ·   Escondido, CA

Property Details & Investment Objective:

Westview acquired a 5-unit apartment complex in Escondido in January 2010, a period of time following the recent recession (2009-2010) when apartment prices in San Diego bottomed out. In order to meet Fannie Mae’s minimum lending limits, Westview combined the 5-unit complex with the adjacent singly family home they previously acquired and created Westview 15th Avenue to hold ownership of these two assets. Westview will continually monitor their unique exit scenarios, resulting from controlling two adjacent lots in a favorable zoning district. In the short-term, Westview plans to make minor interior and exterior upgrades to secure higher rents and keep vacancies low. Also, Westview will integrate an internal RUBS billing system, which charges the water and sewer costs to the tenants and keeps operating expenses low.


WSDP & WVAF Single-Family Home Funds

Single-Family   ·   San Diego County, CA

Investment Premise:

  • Opportunity to acquire residential property significantly below replacement costs
  • Excessively tightened lending standards and the subsequent limited financing options contributed to the overcorrection in housing values
  • Affordability disparity: homes rented for over 2x the cost of ownership

More Detail


Lakeshore Montana

Single-Family   ·   Whitefish, MT

Situated on the serene shoreline of Whitefish Lake, Westview Real Estate developed “Lakeshore Montana”, a project comprised of two luxury single-family vacation homes. Combining local partnerships and experience with high-end customers, Westview did extensive analysis to meticulously design these waterfront homes and created a unique environment for families to enjoy for years to come. Whitefish is a classic western town that is evolving into a four-season resort destination and Westview is excited to be an integral part of this growing community.

For more information on this project, please visit lakeshoremontana.com


Casey’s Bar & Casino

Bar & Casino   ·   Whitefish, MT

Property Details & Investment Objective:

In the summer of 2010, Westview sought out to acquire the historic Casey’s Bar & Casino, an old railroad worker saloon, originally built in 1903. Westview intended to capitalize on the existing loyal customer following while integrating a few subtle upgrades to attract a wider range of clientele. Although the bar and casino operations produced very comfortable cash flows, the opportunity came with greater risks.

During their inspections, Westview confirmed the inherent structural concerns, which was expected of a highly trafficked building of this age. Westview proceeded with their due diligence so they could accurately evaluate the two parts of this transaction which had longer term value. First, Casey’s Bar rested on an ideally located commercial lot in downtown Whitefish, with room to expand vertically. Beyond the opportunity in the land, Westview found significant value in the liquor license, a transferable asset with anemic supply in the state of Montana.

Investment Performance:

As predicted, the location and liquor license proved to be very valuable assets in this transaction. Weeks away from closing (it took over 6 months to close due to liquor license regulations and processes), a new buyer paid Westview a healthy premium above the original purchase price to assume the contract and complete the purchase (in essence, it was a double escrow). The single-story bar has since been torn down and is currently being redeveloped as a four-story bar, casino and dance club.

Articles: