Jordan Fisher and David Sloan, who four years ago had formed Alpha Wave Investors with Ken Cruse to pursue relatively small workforce-housing properties and hotels on the West Coast, have spun off the apartment business as a separate operation.
Their company, Next Wave Investors – effectively a rebranding of Alpha Wave’s apartment business – is based in San Clemente, Calif. It recently completed its first two investments. It paid $17.1 million, or nearly $174,500/unit, for the 98-unit Harlow Apartments at 10620 West Alexander Road in Las Vegas, and it bought the 90-unit Aspen Village apartments at 3043 West 3500 S in West Valley City, Utah, which is just southwest of Salt Lake City.
Article source: Commercial Real Estate Direct