Westland Real Estate Group Expands Multifamily Portfolio to Over 17,000 Units

Westland Real Estate Group, a family-owned firm, has expanded its multifamily portfolio to more than 17,000 units, evolving from its origins in the carnival business. Founded by Allen Alevy nearly 50 years ago, the company initially developed a mobile park and later acquired its first mobile home park in Long Beach, California, where it is still based. A significant turning point occurred in 2011 when the firm recognized deep value in the Las Vegas apartment market, acquiring its first 400-unit property there.

Today, Westland holds over 11,000 units in Las Vegas, 2,700 in Southern California, and more than 3,000 in San Antonio, Texas. The company, led by CEO Yanki Greenspan and CFO Shimon Greenspan, employs a buy-and-hold strategy, focusing on value-add opportunities and operational efficiencies. In August, the firm acquired four properties totaling 713 apartments in Southern Nevada, often targeting deals with "hair on them" from estates or distressed situations. Their ability to move quickly with cash offers and internal capital structure allows them to secure assets at solid bases, typically stabilizing them within 12 to 24 months before securing agency debt. This approach highlights the potential for developers and investors to find value in operationally complex assets, especially as market conditions shift.