Alpha Wave Goes Shopping in Vegas
The company acquired Cypress Springs Apartments, located where new supply is somewhat limited compared to the metro's other areas. The firm will invest approximately $1.7 million in capital improvements.
Alpha Wave Investors has acquired Cypress Springs Apartments in Las Vegas, in a $15 million off-market transaction. Meridian Capital Group arranged a $13.7 million acquisition loan on behalf of Alpha Wave, provided by Resource Real Estate Funding Inc.
Cypress Springs is located at 3651 N. Rancho Drive, in proximity to multiple retailers, restaurants and access to major transportation arteries, either by car or mass transit. Alpha Wave stated that the northern position of the asset is a strategic advantage, since the area presents little to no new supply, as opposed to the metro’s southern markets.
“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. 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,” said Jordan Fisher, founding partner of Alpha Wave Investors, in a prepared statement.
The community comprises 32 one-bedroom, 88 two-bedroom and 24 three-bedroom units, ranging in size from 718 to 1,201 square feet. Common-area amenities include a fitness center, swimming pool, a spa and 350 parking spaces. Cypress Springs was constructed in 1994 and changed hands three times since then, according to Yardi Matrix. Due to increased demand in the market, rents are rising and the current monthly average rate at Cypress Springs is approximately $915.
Alpha Wave plans to invest in new amenities and other improvements, as per its standard strategy. The company will invest approximately $1.7 million in capital improvements, including new security, a playground, barbecue area, dog park, new exterior paint, as well as fully renovated interiors.
Image courtesy of Alpha Wave Investors