Alpha Wave Investors, LLC has acquired Cove on Bruce Apartments, a 76-unit multifamily community located in the rapidly growing Salt Lake submarket of Clearfield, Utah. This is the firm’s fourth acquisition in the Salt Lake City metro area in the past 12 months.
Alpha Wave Investors, LLC (Alpha Wave), a private equity investment firm specializing in opportunistic and value-add multifamily and hospitality assets in the Western U.S., has acquired Cove on Bruce Apartments, a 76-unit multifamily community located in the rapidly growing Salt Lake submarket of Clearfield, Utah. This is the firm’s fourth acquisition in the Salt Lake City metro area in the past 12 months.
“Clearfield is an exceptionally attractive market for multifamily investment based on its proximity to Salt Lake City, growing job market, attractive rents, and strong projected population growth,” says Jordan Fisher, a Founding Partner of Alpha Wave. “The property is an exact fit for our proven investment strategy, through which we invest in attractively-priced, ‘off-the-radar’ B and C class multifamily properties located in secondary markets that are poised for compelling growth.”
Fisher points to Clearfield’s recent ranking in Forbes as #5 in the nation for “Where To Invest In Housing in 2018,” as well as its recent distinction as one of the Top 25 “Hottest Real Estate Markets in the U.S.” by MarketWatch to demonstrate its strength as an investment market.
“With projected population and job growth of over five percent in the next two to three years, the housing market in Clearfield is expected to leap nearly 30 percent in price by 2020,” says Fisher. “These economics point to exceptional strength for multifamily owners in the region. By acquiring this property now at an attractive basis, there is opportunity to create considerable value for our investors.”
Alpha Wave plans to implement over $750,000 in capital improvements, including adding a new leasing office and fitness center, exterior paint, signage and landscape upgrades, interior renovations, and the installation of energy-efficient fixtures that will reduce water usage by more than 10 percent annually.
“By drawing upon the experience of our in-house property management team, we plan to increase NOI by controlling expenses and completing strategic upgrades that will drive revenue growth, thereby creating significant value for our investors,” says Fisher.
The Cove on Bruce Apartments is situated in close proximity to major employment hubs, including Downtown Ogden, Salt Lake International Airport, and Hill Air Force Base, which is Utah’s third largest employer and a driver of consistent apartment demand in the region. Other reputable Clearfield employers include Lifetime Products, Utility Trailer Manufacturing Company, Alliant Techsystems, Clearfield Job Corps, Futura Industries Corporation, and Smith Sport Optics, Inc.
The property is in close proximity to Interstate 15 and the Clearfield Shopping Center, giving residents easy access to shopping, dining, entertainment, and transit. Each apartment features a two-bedroom/one-bathroom floor plan with in-unit washer-dryer hookups. Community amenities include covered parking, a children’s playground, and a pet-friendly environment
Jason Wadsworth at Carpenter Commercial represented both the buyer and seller in the transaction.
Article source: mhpmag.com