Westland Expands Southern Nevada Portfolio with Four Multifamily Acquisitions

Four New Westland Communities

Westland Real Estate Group has expanded its Southern Nevada portfolio with the acquisition of four multifamily communities in Las Vegas: Bonanza Gardens, Cedar Village, Nellis Gardens and Wood Ridge Villas.

The acquisitions bring Westland’s Las Vegas portfolio to more than 40 communities across the valley, totaling 11,225 units, further strengthening the company’s long-term investment in Southern Nevada.

As both the owner and operator of its communities, Westland maintains a direct role in property management, investment and the resident experience.

Continuing Our Investment in Southern Nevada

Southern Nevada continues to be an important market for Westland as the company evaluates opportunities for thoughtful, long-term growth.

“Our growth strategy is focused on acquiring and operating communities where we can create lasting value through responsible ownership, consistent management and continued investment,” said Yanki Greenspan, President of Westland Real Estate Group.

Creating Clean, Safe & Stable Communities

For nearly 50 years, Westland has focused on long-term ownership and responsible property management. As our portfolio continues to grow, our commitment remains the same: creating clean, safe and stable communities for our residents while investing in the neighborhoods we serve.

The acquisition was recently featured in Nevada Business Magazine.

Westland Retail Ramps Up

Westland’s Retail Department has had a busy 6 months with 35 new leases, including many new retailers we are excited to work with. These new members of the Westland family include:

• Discount retail store Manny has moved into Seven Trees in San Bernardino which is our largest retail space at 105,000 sq ft. It’s the first California location for the Texas retailer. 

• Paramount Shopping Center is now home to the local coffee chain Tierra Mia, which is opening a new drive-thru at the location.

• Westland has also signed our third lease with 7/11. The new location will be constructed at Broadway & Slauson in Los Angeles, which is currently a parking lot.

• AutoZone, an auto parts retailer, is now open in La Habra with a second lease signed at Seven Trees in San Bernardino.

• Kumon, an education company that teaches an after school mathematics and reading program is now open in Santa Ana.

The Retail Department has many other exciting leases in the pipeline, especially for our Uptown Project in North Long Beach. Stay tuned!

Working Together for a Long Beach That Works for Everyone

On April 2nd 2019, The Long Beach City Council voted in favor of a proposal to establish new Tenant Assistance Policies in the city.

As a longterm owner and operator of multi-residential housing in Long Beach, Westland Real Estate Group is a community partner and thanks the city for taking the time to consider this proposal.

We are passionate about our city and dedicated to providing affordable housing for our residents. As a family-run business, Westland supports the 10% cap on rent raises, which has long been established as our own general policy. We are pleased that provisions are being put in place to keep the Long Beach community intact.

The proposal’s suggestion to mandate a relocation fee is problematic. The current proposal adds restrictions that undermine management's ability to protect our community members from nuisance tenants. Such limits would inhibit us from maintaining a clean and safe environment for the betterment of all our residents.

Currently, the local economy has momentum which is great for the city, it’s business, and it’s residents. We share a common goal in making sure the Long Beach community remains intact while prospering at the same time. Restrictions like the relocation fee have the potential to stifle growth and discourage buildings being updated, which creates an older and uncared for housing stock. Our ultimate belief is that the only way to keep rents low for city residents is to create more housing stock. This can be accomplished by streamlining the development process which will encourage more construction.

Westland will work with the city council and other property owners to propose a lengthened, 6-month termination notice instead of a relocation fee. This would allow residents time to find a new home in the city that meets their needs. We feel that this is a better approach and look forward to seeing the next draft of this ordinance.