One year ago, Westbow Capital was launched in January 2019. Looking back at the last year, Westbow Capital has seen amazing growth and progress.
Westbow Capital is part of the Westbow Group of Companies. Founded in 1977 by Dick Westeringh, the group is now led by his son, CEO Nick Westeringh. Started as Westbow Construction, a residential home builder based out of Chilliwack, BC, the Westbow group has expanded across Western Canada and into several sectors. The group has also expanded into multiple companies including KGH, excavating and construction equipment rentals and contracting, ProKey Living, property management, and Westbow Agriculture.
Westbow Capital Income Fund’s Acquisitions
SUNRIDGE: LETHBRIDGE, ALBERTA
On September 1, 2019, Westbow Capital acquired SunRidge, a community of 9 homes in Lethbridge, Alberta, for $3.6 million. The SunRidge homes are purpose-built rentals with 2 units in each home resulting in a portfolio of 18 rental units. The community is located across the street from Sunridge Park with easy access to downtown Lethbridge. The upper units feature 2 bedrooms and 2 bathrooms while the downstairs units have 2 bedrooms and 1 bathroom. This rental community presents the opportunity for strong cash flow and aligns with Westbow Capital’s investment strategies.
WINDSOR APARTMENT BUILDINGS: FORT SASKATCHEWAN, ALBERTA
Windsor Place Apartment buildings are located close to HWY 21 within the Edmonton regional area. The property offers 144 units and was constructed between 2015 and 2016. At the time of acquisition, Windsor Place was 90% occupied.
Since the acquisition of Windsor Apartment Buildings in April 2019, Westbow Capital has begun executing its strategy of improving operational management of the property with a goal of achieving greater efficiencies which included replacing the existing property manager. This has led to Westbow Capital being able to increase the occupancy rate of this property to 99%.
179 RAJPUT WAY: SASKATOON, SASKATCHEWAN
Westbow Capital acquired a two-story, detached home located at 179 Rajput Way in Saskatoon, Saskatchewan, in May 2019. The property is divided into 2 rental units which are both currently rented out and managed by the Westbow Group of companies. The management team believes that the location in the Evergreen neighbourhood and short distance to the University of Saskatchewan make it a desirable location. Management also believes that major infrastructure developments in Northwest Saskatoon will increase the value of the property in the long-term.
Capital Raised during 2019: $8,958,692.25
During 2019, Westbow Capital experienced significant growth, making strong acquisitions and implementing strategic management of these properties. From our team to our systems, Westbow Capital has created a solid foundation that has positioned us for success and growth.