NEXT WAVE BOLSTERS PACIFIC NORTHWEST PORTFOLIO WITH ACQUISITION OF 65-UNIT MULTIFAMILY COMMUNITY IN SPOKANE VALLEY, WASHINGTON

 

Park Place Apartments, 
a 65-unit community at 916 North Ella Road
 in the Spokane submarket of Spokane Valley, WA

Spokane Valley, WA – Next Wave Investors, LLC (“Next Wave”), a private equity firm focused on value-add multifamily investments, has acquired Park Place Apartments, a 65-unit community at 916 North Ella Road in the Spokane submarket of Spokane Valley, Washington in an off-market transaction, according to Jordan Fisher, Principal at Next Wave.

Jordan Fisher

“We’ve been bullish on the Pacific Northwest for some time and Park Place is our eighth multifamily property in the region,” says Fisher.

 “Spokane, where we’ve acquired nearly 400 units in the past six months, has experienced robust growth over the past few years due to the area’s high-quality living at a relatively low cost.

 

"The market has seen 32% rent growth since the pandemic began – second in the country only to Boise, Idaho.”

 According to David Sloan, Principal at Next Wave, recent Yardi data indicates continuing growth in demand for quality multifamily units, as Spokane Valley is expected to see an average annual rent increases of 6.53% through 2024.

              David Sloan

This growth is bolstered by the fact that many residents from Seattle and other major Western markets continue to migrate to Spokane in light of the pandemic and ability to work remotely.

CONTACTS:

 Arleeny Escarcega / Elisabeth Manville

Brower Group

(949) 438-6262

aescarcega@brower-group.com

www.nextwaveinvestors.com.