Next Wave Buys Nevada and Utah Communities
- Apr 05, 2019
Next Wave Investors has purchased two apartment communities totaling 188 units in Las Vegas and West Valley City, Utah. The two properties are the 98-unit Harlow Apartments and the 90-unit Aspen Village Apartments.
“Our strategy is to invest in well-located, under-appreciated properties where we can create value through modern renovations that appeal to each property’s local renter base,” said Jordan Fisher, principal at Next Wave, in prepared remarks. “We continue to target secondary markets in Nevada and Utah based on the consistent economic growth and employment opportunities in both states.”
Located at 10620 W. Alexander Road near the expanding Lone Mountain region in Las Vegas, Harlow Apartments is near Freeway 215, around 16 miles from the city’s downtown and 8 miles from North Las Vegas Airport. Built in 2003, the property comprises one-, two- and three-bedroom units, averaging 1,061 square feet. The units feature walk-in closets, USB ports, vinyl plank flooring, nine-foot ceilings and a smart technology package that is planned to include Alexa devices and Nest thermostats.
The West Valley City community is situated at 3043 W. 3500 S. near Interstate 215 and Freeway 154, approximately 10 miles from downtown Salt Lake City and 8 miles from Salt Lake City International Airport. Aspen Village was built in three phases in 1963, 1972 and 1973 and encompasses two-bedroom units averaging 950 square feet. The community was 96.7 percent leased as of January 2019.