Alpha Wave Investors has paid $10.55 million, or $95,910/unit, for Orange Tree Village, a 110-unit apartment property in the Casas Adobe area of Tucson, Ariz.
The San Clemente, Calif., investment manager was formed by a team led by Kenneth E. Cruse, the former chief executive of Sunstone Hotel Investors Inc., who left the Aliso Viejo, Calif., REIT three years ago. He founded Alpha Wave with Jordan Fisher, a West Point graduate who previously had founded a web development company, and David Sloan, who previously was general counsel of Sunstone.
Article source: crenews.com