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2/10/20
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In a recent multifamily buy in Las Vegas, Next Wave Investors LLC paid $14.5 mil for Villaggio Di Murano, an 88-unit ($164.8k/unit) multifamily apartment community. The SoCal-based multifamily investment group acquired the property in an off-market transaction at a discount to replacement cost.
Built in 2005, Villaggio Di Murano is located at 9475 W. Tompkins Ave, just west of Hwy 215. The property offers a mix of one-, two- and three-bedroom floor plans, as well as a community business center, fitness center, swimming pool and spa/hot tub.
Next Wave is a private equity firm focused on value-add multifamily investments. According to Jordan Fisher, Principal at Next Wave, Villaggio Di Murano was well-maintained by the seller and remains in its original classic condition, giving the firm a tremendous opportunity to create deep value by implementing thoughtful renovations while also adding in-demand amenities. Next Wave will implement a series of capital upgrades including exterior paint and signage, new landscaping, interior unit enhancements, pool area improvements, and the addition of new community amenities including collaborative outdoor BBQ and gathering spaces.
Next Wave sees strong opportunity in Vegas’ long term trajectory, thanks to the ongoing economic growth in the region. Per data proved by the company, Las Vegas’ workforce has expanded by 1.4% in the past 12 months and Clark County posted the second-largest population increase of any U.S. county between 2017 and 2018 – all of which is fueling demand for well-located, well-amenitized multifamily product.
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