Alpha Wave Investors, a private equity investment firm specializing in opportunistic and value-add multifamily and hospitality assets in the Western U.S., has acquired Cypress Springs Apartments, a 144-unit multifamily community situated in the Centennial Hills submarket of Las Vegas. Alpha Wave acquired the asset in an off-market transaction for $15 million.
“The Las Vegas market is experiencing some of the fastest population and job growth in the country, making it an ideal locale for strategic investment,” says Jordan Fisher, a Founding Partner of Alpha Wave Investors. “There is tremendous excitement surrounding new projects in the region, including the multi-billion-dollar Raiders stadium, several new billion-dollar-plus hotels on the strip, as well as growth of major employers such as Amazon, which is developing a second distribution center in the region.”
The city, which ranks among the top 10 metro areas for population growth, boasted the second-largest employment gain in the U.S. last year, growing 2.9 percent. Fisher notes that the resulting multifamily rent growth – up 5.3 percent year-over-year – demonstrates that market fundamentals are strong enough to support true value-add investments.
Article source: mhpmag.com