 |
| Orange Tree Village, Casas Adobes Neighborhood, Tucson, AZ |
TUCSON, AZ – Alpha Wave Investors,
a private equity investment firm specializing in opportunistic and value-add
multifamily and hospitality assets in the Western U.S., has acquired Orange
Tree Village, a 110-unit townhome-style multifamily property in the Casas
Adobes neighborhood of Tucson, Arizona.
The property, which is
currently 85-percent occupied, was acquired in an off-market transaction at a
significant discount to replacement cost, according to Jordan Fisher, a
Founding Partner of Alpha Wave Investors.
 |
| Jordan Fisher |
Alpha Wave will invest
more than $2 million in capital upgrades at the property, including new paint
and roofing, an upgraded pool and clubhouse, a new fitness center and
children’s playground, interior unit renovations, as well as a dog park.
“The Tucson market has
lagged many others in the current recovery cycle, providing a unique
opportunity for experienced investors to generate strong yields,” Fisher
explains. “While many primary and secondary U.S. markets are facing
potential over-supply of multifamily units, Tucson has very few multifamily
projects under construction, resulting in strong demand for existing, renovated
product.”
Fisher also points to
recent job growth in the region as a driver of rental demand in the market
moving forward.
Caterpillar recently
announced a new
headquarters location in Tucson that will bring
approximately 600 jobs, while Geico plans to open a new corporate
office that will bring more than 700 jobs to the
region.
 |
| Ken Cruse |
Further, The Tucson Sentinelreported this
week that a planned Amazon distribution center
in Tucson could be as large as a million square feet. The article notes
that Amazon’s typical distribution centers range from 800,000 square feet and
1,000 employees to 1,500,000 square feet and 2,000 employees.
“We recognize
that this is the ideal time to invest in additional properties in Tucson,” says
Fisher. “By selecting properties that are well-located and poised for growth,
we are able to leverage current momentum in the market and acquire ahead of
peak pricing.”
Constructed in 1981,
Orange Tree Village offers spacious townhomes in one-, two-, and three-bedroom
floor plans. Residents enjoy private patios and easy access to nearby
retail, entertainment, and employment. The property is located at 645 W. Orange
Grove Road in Tucson, Arizona.
Alpha Wave Investors
acquired the property for $10.55 million from a Texas-based private investor.
ABI Multifamily, the Western U.S.’s leading multifamily brokerage and advisory
services firm, represented both buyer and seller in the transaction.
 |
| David Sloan |
Alon
Shnitzer, Senior Managing Partner with ABI, was the lead
broker for the buyer. Jon Ibrahim, Vice President with ABI, was lead
broker for the seller.
David Walkin
of Meridian Capital Group arranged acquisition financing for Alpha Wave
Investors. The loan was provided by Los Angeles-based Thorofare Capital.
Alpha Wave Investors, LLC. is a Southern California-based private equity investment firm specializing in multifamily and hospitality investments in the Western U.S. Known for its creative, disciplined, and value-driven approach, the firm invests on behalf of individuals and institutions, and has acquired assets valued at more than $92.1 million to date.
Led by Ken Cruse, former CEO of a $5 billion publicly traded REIT, as well as Jordan Fisher and David Sloan, Alpha Wave Investors targets opportunistic and value-add investments and conducts management through its in-house property management platform. More information is available at www.alphawaveinvestors.com.
For more information,
please contact:
Jordan Kruk / Jenn
Quader
Brower Group
(949) 955-7940
No comments:
Post a Comment