Alpha Wave Investors, a private equity investment firm specializing in opportunistic and value-add multifamily and hospitality assets in the Western U.S., has announced the sale of Sycamore Cove, a 67-unit apartment property in the Oak Flower neighborhood. The firm, which acquired the asset in December of 2016, conducted an extensive renovation and repositioning program that increased property value by 80 percent during its one year of ownership.
During its ownership, Alpha Wave upgraded the property’s exterior and interior with new paint and fixtures, repaired the asset’s roof, parking and balconies, resurfaced and replaced the pool and deck, upgraded landscaping and added in-demand amenities such as a new pet park and fully renovated laundry room. Alpha Wave acquired the property at 50 percent occupancy and brought it to nearly 100 percent occupancy prior to the sale. Built in 1979, the apartment community offers one-bedroom apartments featuring balconies, air conditioning, walk-in closets, and upgraded kitchen appliances, as well as a swimming pool, picnic area and pet park. The property is located at 2458 N. Sycamore Blvd. in Tucson, Arizona.
Article source: insidetucsonbusiness.com