Investment Criteria

Strategy:

Next Wave is focused on achieving superior returns by investing in well-located, under appreciated multifamily properties in high growth secondary U.S. markets where we can make a meaningful difference in the performance of a property through improved management and capital improvements.

Immediately following acquisition, our affiliated property management team executes a comprehensive renovation and repositioning program, typically including new model apartments, unit renovations, new exterior paint and signage, and improvements to all common areas.

Asset sales are timed to coincide with peak occupancy following renovation.

Condition:

Well-located, attractively priced apartment communities where we can create meaningful value through repositioning, and intensive asset management.

Product Type:

Class B and C multifamily properties.

Geography:

High Growth secondary markets in the Western United States such as Las Vegas, Tucson, and Salt Lake City.

Leverage:

At stabilization, below 75% LTV.

Hold Periods:

One to seven years.

Target IRRs:

15% to 25%.

Strategy:

Next Wave’s multifamily investment strategy is aimed at achieving superior returns by investing in attractively-priced “off the radar” multifamily properties in secondary markets, and repositioning these assets to increase competitive appeal in order to improve rental rates and operating efficiency.

Immediately following acquisition, our in-house Property Management team executes a comprehensive renovation and repositioning program, typically including a fresh new look, new model apartments, unit renovations and exterior paint and signage.

The capital plan also typically addresses infrastructure issues such as roofs, parking, concrete, landscaping and pools. Asset sales are timed to coincide with peak occupancy following renovation.

Condition:

Well-located, attractively priced apartment communities where we can create meaningful value through repositioning, re-tenanting and intensive asset management.

Product Type:

Class B and C multifamily properties.

Geography:

Secondary markets such as Las Vegas, Tucson, and Salt Lake City.

Leverage:

Below 75% LTV.

Hold Periods:

One to seven years.

Target IRRs:

15% to 30%