Next Wave Investors LLC “Next Wave” has acquired two multifamily properties in Nevada and Utah totaling 188 units.
The properties include Harlow Apartments, a 98-unit Class A multifamily community in Las Vegas, and Aspen Village Apartments, a 90-unit multifamily community in West Valley City, Utah.
“Our strategy is to invest in well-located, under-appreciated properties where we can create value through modern renovations that appeal to each property’s local renter base,” said Jordan Fisher, principal at Next Wave. “We continue to target secondary markets in Nevada and Utah based on the consistent economic growth and employment opportunities in both of these states. In 2018, Nevada had the best year of all U.S. states in terms of total job creation, with employment rising 3.9 percent over the 12-month period. Utah posted similar results, with employment up 3.1 percent over the prior year.”
Fisher notes that both properties enable Next Wave Investors to leverage the firm’s existing presence in each market, creating new economies of scale and further streamlining the firm’s management of assets in Las Vegas and Salt Lake City.
The Las Vegas property, Harlow Luxury Apartments, is at 10620 W. Alexander Road, and features units that average 1,061 square feet. It is a resort-style, Class A multifamily community, built to condo specifications and more than 95 percent occupied. Unit amenities include walk-in closets, USB ports, vinyl plank flooring, 9-foot ceilings and a smart technology package that is planned to include Alexa devices, Nest thermostats, lighting and locks, as well as the smart apartment Dwelo app.
Article source: Las Vegas Business Press