Next Wave Investors Successfully Completes Sale of 96-Unit La Estrella Vista Multifamily Community in Phoenix, Arizona

PHOENIX, AZ - Next Wave Investors, LLC (“Next Wave”) a private equity firm focused on value-add multifamily investments, has sold La Estrella Vista Apartments, a 96-unit multifamily community in the Far West submarket of Phoenix, Arizona. The asset was purchased by a private California-based investor for $16.750 million.

Next Wave acquired the property in May 2019 for $13.175 million, increasing its operating income by more than 25% within less than 18 months of ownership through enacting a strategic value-add program, according to Jordan Fisher, Principal at Next Wave.

“As a prominent multifamily owner with deep experience and connections in the Arizona market, we were able to identify and secure a strong growth opportunity with the purchase of this asset last year,” says Fisher. “We quickly implemented our investment strategy, which included interior and exterior renovations and security enhancements, in order to improve quality of life for residents and maximize returns for our investors.”

David Sloan, Principal at Next Wave, adds that the Phoenix multifamily asset class has remained resilient during the pandemic: “Collections have far outperformed our expectations as a whole throughout this unprecedented time, especially for Class B and C assets in high-growth markets, like the ones we’ve been active within for several years.”

According to Sloan, Next Wave’s target markets, including Phoenix, Arizona; Tucson, Arizona; Las Vegas, Nevada; and Salt Lake City, Utah; are currently experiencing extremely high investor demand and limited inventory. Phoenix in particular has seen pricing rise substantially compared to pricing prior to the pandemic, due to the dramatic drop in interest rates, and the nation-leading population growth, which is driven in part by many people relocating from California, strong employment, and its relative affordability compared to many other major Western markets.

“Despite the unexpected turn this year took, we were able to complete our business plan and exceed projections at this property. We determined that now was the perfect time to sell La Estrella Vista to capitalize on strong investor demand and provide the buyer with an upgraded, cash-flowing asset,” says Sloan, who notes that Next Wave anticipates adding to its portfolio in the coming months as the firm continues to evaluate opportunities.

La Estrella Vista Apartments, which was built in two phases in 2008 and 2014, is separately parceled as fourplexes and includes all three-bedroom units. The property is located in close proximity to many major transportation corridors such as Interstate 10, Loop 101 Highway 60, and Loop 202, providing residents with easy access to the entire Phoenix Valley. The community is also situated near several diverse employers and numerous retail, dining, and entertainment options.

Alon Shnitzer of ABI Multifamily represented Next Wave Investors, LLC as the seller in this transaction.

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 $215 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 for its investors. More information is available at


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