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| Harlow Luxury Apartments, a 98-unit Class A luxury multifamily community in Las Vegas, NV |
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| Jordan Fisher |
Las Vegas, NV – Next Wave Investors,
LLC (“Next Wave”) a private equity firm focused on value-add multifamily
investments, has sold Harlow
Luxury Apartments, a 98-unit Class A luxury multifamily
community in Las Vegas, Nevada.
The asset was purchased by a Southern
California-based private equity firm for $21.5 million.
Next Wave originally acquired the resort-style
property in March 2019 for $17.1 million and increased its value by more than
25% during less than 16 months of ownership, according to Jordan Fisher,
Principal at Next Wave.
“The quick disposition of Harlow Luxury
Apartments, especially in the midst of a pandemic, is a prime example of the
success of our strategy and demonstrates the continued desirability of this
market,” says Fisher.
“Our team has the ability to identify
multifamily assets with the potential for high performance, located in key
growth markets. Upon acquiring these assets, we implement our proven value-add
strategy in order to serve renters in those markets and maximize return for our
investors.”
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| David Sloan |
Fisher additionally notes, “Harlow Luxury
Apartments is located near Lone Mountain, in the expanding northwest region of
Las Vegas.
"It is within five miles of Summerlin, one
of the most prestigious communities in the Las Vegas Valley. Summerlin
offers direct access to numerous entertainment and shopping centers, which
positioned Harlow the opportunity to draft off the rapid growth trajectory of
the submarket.
"We recognized this positioning and
capitalized on the opportunity to purchase a promising asset in the region and
improve upon it.”
Before the sale, Next Wave performed major
interior renovations, including the installation of new countertops, flooring,
appliances, lighting, miscellaneous fixtures and paint in nearly 30 units at
Harlow Luxury Apartments, proving the company’s underwritten value-add
strategy, according to David Sloan, Principal at Next Wave.
“Our efficient operations model, coupled with
achieving higher revenues in newly-renovated units, resulted in our investors
realizing an IRR above projections for this investment,” says Sloan.
Sloan adds: “Prior to the pandemic, Nevada was
ranked number
one in job growth in the U.S. While the region is
currently suffering an economic downturn due to the circumstances, we believe
that the favorable business climate, transportation accessibility, and
affordable cost of living will lead to resumed growth as the national economy
recovers from the COVID-19 outbreak.”
Next Wave has extensive experience repositioning
assets in the Las Vegas market. Harlow is the company’s seventh disposition in
Las Vegas since it first began investing there in 2015.
According to Sloan, Next Wave currently has
three assets with 304 units remaining in its Las Vegas portfolio and expects to
add to its holdings in market in the coming months.
CONTACTS:
Katie
Haga / Elisabeth Manville
Brower
Group
(949)
438 6262
