SAN CLEMENTE, CA - Next Wave Investors, LLC (“Next Wave”), has acquired two multifamily properties in Nevada and Utah totaling 188 units. The properties include Harlow Apartments, a 98-unit Class A multifamily community in Las Vegas, Nevada and Aspen Village Apartments, a 90-unit multifamily community in West Valley City, Utah.
“Our strategy is to invest in well-located, under-appreciated properties where we can create value through modern renovations that appeal to each property’s local renter base,” says Jordan Fisher, Principal at Next Wave. “We continue to target secondary markets in Nevada and Utah based on the consistent economic growth and employment opportunities in both of these states. In 2018, Nevada had the best year of all U.S. states in terms of total job creation, with employment rising 3.9 percent over the 12-month period. Utah posted similar results, with employment up 3.1 percent over the prior year.”
Fisher notes that both properties enable Next Wave Investors to leverage the firm’s existing presence in each market, creating new economies of scale and further streamlining the firm’s management of assets in both Las Vegas and Salt Lake City.
Next Wave Investors’ new acquisitions include:
98-unit Class A Multifamily Community in Las Vegas, Nevada
Next Wave acquired Harlow Apartments, a 98-unit multifamily property in Las Vegas, Nevada on March 29, 2019.
The property is located near an expanding northwest region known as Lone Mountain and is within five miles from Summerlin, one of the most prestigious communities in the Las Vegas Valley, offering direct access to numerous entertainment and shopping centers.
“This is a strong investment for us considering there are few developable sites within five miles of this property,” says David Sloan, Principal at Next Wave. “Las Vegas is currently ranked number one in job growth in the U.S., and as owners of other properties in this region, we’ve seen the benefits of this rapid economic growth firsthand.”
Harlow Apartments is a resort-style, Class A multifamily community, built to condo specifications and more than 95 percent occupied.
Unit amenities include walk-in closets, USB ports, vinyl plank flooring, nine-foot ceilings and a smart technology package that is planned to include Alexa devices, Nest thermostats, lighting, and locks, as well as the smart apartment Dwelo app.
Harlow Luxury Apartments is located at 10620 W Alexander Road in Las Vegas, Nevada, and features units that average 1,061 square feet.
90-unit Multifamily Community in West Valley City, Utah
Next Wave acquired Aspen Village Apartments, a 90-unit multifamily property in West Valley City, Utah on March 29, 2019.
“Aspen Village Apartments fits perfectly within our investment criteria,” says Sloan. “The community is still in its original classic condition, which gives us a tremendous opportunity to create value by enhancing the interior, specifically the bathrooms and kitchens, while also adding in-demand amenities such as a fitness center and clubhouse.”
The property is located near Fairbourne Station, a new high-end, mixed-use development that is anticipated to create jobs in the area, and is approximately 10 miles from downtown Salt Lake City, one of the fastest growing metropolitan areas in the U.S. and ranked in the top 3 of Forbes’ best states for business.
Aspen Village Apartments is 96.7 percent leased as of January 2019 with units averaging 950 square feet.
The property is located at 3043 W 3500 S, West Valley City, Utah, near the 215 Beltway and Bangerter Highway.
About Next Wave Investors, LLC: Next Wave Investors, LLC (“Next Wave”) is a Southern California-based private equity investment firm with a specialized focus in value-add multifamily investments throughout the Western United States. With more than $150 million in acquisitions to date, Next Wave is exceptionally skilled in identifying well-located, underappreciated properties where value can be created through professional operations and capital improvements. Drawing upon a 15-year track record and hands-on experience in the ownership, operation, enhancement, and in-house management of multifamily properties, the firm consistently delivers value on behalf of individual and institutional investors throughout the globe. More information is available at www.nextwaveinvestors.com