Alpha Wave Investors, a private equity investment firm specializing in opportunistic and value-add multifamily and hospitality assets in the Western U.S., has completed its tenth full-cycle property investment with the sale of Skyline Park Apartments, a two-story, 60-unit apartment community in Tucson, Arizona.
Alpha Wave acquired the asset in August of 2017 and implemented a repositioning and renovation campaign that increased property value by 35-percent in just eight months.
“Our speed and precision are keys to the viability of our investment platform,” says Jordan Fisher, a Founding Partner of Alpha Wave Investors. “As our tenth successful full-cycle investment, Skyline Park Apartments demonstrates our proven platform of proficiency in identifying value-add opportunities, executing strategic upgrades, and exiting assets with strong upside for our investors.”
The property, which was formerly known as Park Village Apartments, was re-branded and re-positioned under Alpha Wave’s ownership, with a host of capital improvements including exterior paint, roof repairs, parking lot resealing, and a completely new landscape. The firm also conducted an overhaul of the pool and upgraded pool equipment, installed a new children’s play area with shade structure, and renovated more than 90-percent of the property’s interiors, including the installation of environmentally-friendly, low-flow toilets and showerheads.