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| Cypress Springs Apartments, Centennial Hills Submarket, Las Vegas, NV |
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| Jordan Fisher |
LAS VEGAS, NV -- 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 Cypress
Springs Apartments, a 144-unit multifamily community situated in the
Centennial Hills submarket of Las Vegas. Alpha Wave acquired the asset in an
off-market transaction for $15 million.
“The Las Vegas market
is experiencing some of the fastest population and job growth in the country,
making it an ideal locale for strategic investment,” says Jordan Fisher,
a Founding Partner of Alpha Wave Investors.
“There
is tremendous excitement surrounding new projects in the region, including the
multi-billion-dollar Raiders stadium, several new billion-dollar-plus hotels on
the strip, as well as growth of major employers such as Amazon, which is
developing a second distribution center in the region.”
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| Devin Lee |
“Our focus is always
on properties that are poised for renovation and repositioning that will cater
to the demands of the local rental market. Cypress Springs meets that criteria
perfectly,” Fisher says.
Fisher also explains
that Cypress Springs’ location in northern Las Vegas is a strategic advantage.
“New multifamily
product being built in Las Vegas has been concentrated in Summerlin and
Henderson – all in the southern part of the market,” explains Fisher.
“Our property is situated in the north, where there is little to no new supply,
making the asset well-positioned to attract and retain residents seeking
upgraded workforce housing in the region.”
The seller, a private
investor based in California, owned the asset for more than a decade and kept
it well-maintained, according to Fisher.
“Because the property
is already in good condition, we have the opportunity to focus all capital
improvements on amenities and upgrades that will drive NOI growth and support
long-term value for residents,” Fisher continues.
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| David Walkin |
Devin Lee, CCIM of
Northcap Multifamily identified the opportunity for Alpha Wave and represented
both the buyer and seller in the off-market transaction.
David Walkin of
Meridian Capital Group, LLC arranged $13.65 million in acquisition financing
for Alpha Wave from lender Resource Real Estate Funding, Inc.
“It was clear that
Resource Real Estate Funding quickly understood our vision for the project, and
the collaboration between Devin, David, and the lender made for a seamless
transaction,” noted Fisher.
Built in 1994, Cypress
Springs Apartments offers large one-, two- and three-bedroom apartments in
close proximity to employment and transit, as well as a wide variety of
restaurants, retail, and entertainment options. The property is located at 3651
Rancho Drive in Las Vegas, Nevada.
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| Ken Cruse |
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.
For more information, please contact:
Samantha Kay · Account
Coordinator
O 949 955 7940
O 949 955 7940
Brower Group, Inc.
The Smart Agency™ for Smart Clients who want Smart Work
895 Dove Street, Third Floor · Newport Beach, CA 92660
The Smart Agency™ for Smart Clients who want Smart Work
895 Dove Street, Third Floor · Newport Beach, CA 92660
OR
Jenn Quader
Brower Group
(949) 955-7940
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