Alpha Wave Investors Expands Salt Lake City Metro Presence with Acquisition of 94-Unit Park Station Apartments in Midvale, UT

Park Station Apartments, Midvale, UT

Jordan Fisher

SALT LAKE CITY, UT – A subsidiaryof Alpha Wave Investors, LLC (Alpha Wave), a private equity investment firm specializing in opportunistic and value-add multifamily and hospitality assets in the Western U.S., has acquired Park Station Apartments, a 94-unit multifamily property in the Salt Lake City submarket of Midvale, Utah.

Constructed in 1974, Park Station Apartments offers two-bedroom, one-bath floorplans and easy access to local employment and several entertainment and shopping options.

The property is located at 7155 High Tech Drive #3 in Midvale, Utah.

Alpha Wave acquired Park Station Apartments from a Northern California-based private investor in an off-market transaction.

Brock Zylstra

Brock Zylstra and Danny Shin of Marcus and Millichap represented both the buyer and seller in this transaction.

David Walkin of Meridian Capital Group arranged acquisition financing for Alpha Wave. The loan was provided by Texas-based ReadyCap.

This is the third multifamily property the firm has acquired in the greater Salt Lake area within the past nine months – a strategy that is well-aligned with the firm’s focus on acquiring value-add properties in high-growth secondary markets, according to Jordan Fisher, a Founding Partner of Alpha Wave.

Daniel Shin

“We are bullish on the Salt Lake City market based on its strong growth fundamentals,” says Fisher. “While most people think of tech hubs only in coastal states, Utah’s ‘Silicon Slopes’ is in fact a giant in the technology industry, with a large startup ecosystem that includes Ancestry.com, Domo and Pluralsite. In addition, major firms such as Adobe and eBay maintain a large regional presence.”

Fisher notes that the Overstock.com and ZAGG corporate headquarters are within one mile of Park Station Apartments, which is well-located off Interstate 15 and adjacent to a TRAX light rail station, providing residents ease of access to employers throughout the metro area.

David Walkin

“The Salt Lake City region has experienced some of the highest rates of salary growth in the country over the past several years,” continues Fisher.

“Utah is poised for significant future growth, with the state’s population expected to double by 2065, positioning multifamily investments for long-term success.

"Further, the market has long garnered a strong reputation for being business-friendly, consistently ranking within Forbes’ top three Best States for Business.” 

For more information, please contact:

Elisabeth Manville / Jenn Quader

Brower Group

(949) 955-7940

emanville@brower-group.com