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| Serrano North and South, a 300-unit multifamily community in Spokane, WA |
Tualatin, OR and Spokane, WA – Next Wave Investors, LLC (“Next Wave”) a private equity firm focused on value-add multifamily investments, has acquired two multifamily properties in the Pacific Northwest: Serrano North and South, a 300-unit multifamily community in Spokane, Washington for $34.4 million and River Lofts, a 74-unit multifamily property in Tualatin, Oregon for $14.2 million.
“The opportunity to enter the Oregon market and expand our footprint in Washington is well-timed with our ongoing investment strategy, through which we continue to identify value-add properties situated in markets poised for rapid growth and expansion,” says Jordan Fisher, Principal at Next Wave.
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| Jordan Fisher |
“There is an opportunity to enhance property value in the Pacific Northwest as fundamentals in both Oregon and Washington strengthen,” Fisher continues.
“Overarching trends in the region include rising rental demand based on increasing in-migration from California residents and a ‘flight to suburbia’ that ignited during 2020.
"This momentum, coupled with the new economic recovery and subsequent job growth, make these acquisitions well-positioned to benefit from strong future demand and stability, while giving us an opportunity to leverage economies of scale in the region and further streamline operational efficiencies.”
David Sloan, Principal at Next Wave adds: “Both properties were acquired in off-market transactions through previous broker relationships, which speaks to our positive track record and strength of reputation in the industry.
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| David Sloan |
300-Unit Serrano North and South in Spokane, WA
Next Wave has acquired Serrano North and South Apartments, a 300-unit garden style community at 121 East Wedgewood Avenue in Spokane, Washington. for $34.4 million.
“Spokane
offers an excellent quality of life with top medical facilities, award-winning
education, plentiful access to outdoor recreation activities and beautiful
scenery that attracts residents from both out of state and the Seattle metro in
search of a more affordable cost of living,” says Fisher.
“Spokane’s annual population has exceeded the average rate of the United States for the past several years, and forecasts continued growth substantially above the national average.”
The
asset is located less than four miles from Gonzaga University, Washington State
University, and downtown Spokane, and near Spokane International Airport,
Franklin Park, NorthTown Mall and popular ski destination, Mount Spokane.
Serrano North and South offers a mix of studio, one-, two-, and three-bedroom units with fully equipped kitchens, large closets, private balconies and patios.
On-site amenities include a swimming pool with sundeck, laundry facilities, clubhouse, detached garages and carports.
Next Wave plans to reposition the property by renovating all 300 units with modern upgrades including: stainless steel appliances, lighting fixtures, plumbing fixtures, vinyl plank flooring in common areas, new carpet in bedrooms, resurfacing countertops, new cabinets and hardware, among other items.
The firm will also implement improvements to the amenity areas and exterior to enhance curb appeal with new paint, roof maintenance, asphalt resurfacing, deck repairs and upgrades to the pool area and landscaping.
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| River Lofts, a 74-unit multifamily community at 18540 SW Boones Ferry Road in Tualatin, OR |
74-Unit River Lofts in Tualatin, OR
Next Wave has also acquired River Lofts, a 74-unit multifamily community at 18540 SW Boones Ferry Road in Tualatin, Oregon, a southwestern suburb of the Portland metropolitan area, for $14.2 million.
“River Lofts is the perfect setting for residents who enjoy a more quiet and rural community with easy access to the city,” explains Sloan.
“Home to some of the best places to work in Oregon, Tualatin offers easy access to downtown Portland through the nearby MAX light rail, I-5 and TriMet’s public transit system.
"Locally, the property is surrounded by retailers including the open-air Bridgeport Village shopping center. There are also several scenic attractions nearby including the Tualatin River, Oswego Lake, and Tualatin’s River Greenway Trail.”
The seller previously renovated eight units, leaving 66 units to be upgraded by Next Wave. Next Wave will renovate these units to a consistent premium finish-level.
The property features a mix of one-, two-, and three-bedroom apartments with spacious floorplans that average 976 square feet, fully equipped kitchens and private balconies or patios, and select units offering views of the Tualatin River.
Contacts:
Micaela Fehrenbach / Jenn Quader
Brower
Group
(949)
438 6262
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