Vancouver – Next Wave Investors, LLC (Next Wave) a private equity firm focused on value-add multifamily investments, has acquired Ashley Terrace, a 1993-vintage, 118-unit unrenovated apartment community in the affluent Walnut Grove submarket of Vancouver, Washington for $23.85 million ($202,118 per unit) in an off-market transaction.
“This acquisition speaks volumes about current trends in the multifamily marketplace,” says Jordan Fisher, Principal at Next Wave. “In many cities, the velocity of multifamily sales continues to push pricing rapidly. Ashley Terrace provides an opportunity for Next Wave to acquire a property in a high-growth market at a basis almost unchanged from what similar properties sold for in 2019. The ability to secure an asset of this vintage with such tremendous value-add potential at this price point is extremely rare at this point in the investment cycle.”
Article Source: TheRegistry.com