Next Wave Investors, LLC (“Next Wave”), a private equity firm focused on value-add multifamily investments through subsidiary investment vehicles, has deepened its investment in the Western US with the acquisition of 380 multifamily units spanning four apartment communities, including 96-unit La Estrella Vista and 149 of the 160-unit Westover Parc in Phoenix, Arizona; 72-unit Bella Vida in Las Vegas, Nevada; and 63-unit Townhomes at Mountain Ridge in Salt Lake City, Utah.
Jordan Fisher, Principal at Next Wave, stated, “With these acquisitions, we are expanding our investment in the three most active growth states in the nation. Utah and Nevada recently tied as the #1 states for job growth in the US, while Arizona’s job growth is 2nd in the nation, led by growing industries such as tech, bioscience, manufacturing, and healthcare. By deepening our footprint in these key markets, we are able to execute on our proven investment strategy and create significant value for our investors.”
Next Wave plans to implement capital upgrades at each property, including significant exterior and interior renovations at all properties except Bella Vida, which will undergo only interior unit renovations.
“Each of these acquisitions represents the clear focus of our investment strategy, through which we identify and acquire under-appreciated multifamily properties and execute on a proven strategy to improve each asset,” says David Sloan, Principal at Next Wave.
Mr. Sloan added, “While we remain cautiously optimistic about the markets in which we invest, we believe our value-add proposition coupled with our market experience delivers with an edge compared to other similarly situated investment groups. We look forward to further enhancing our market share in the Western US in the years ahead.”