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September 22, 2021
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Next Wave Investors Closes $24 Mil WA Multifamily Purchase


Next Wave Investors LLC has acquired Ashley Terrace, a 1993-vintage, 118-unit unrenovated apartment community in the affluent Walnut Grove submarket of Vancouver, WA. The asset traded for $23.85 mil ($202k/unit) in an off-market transaction.
Ashley Terrace is located at 4500 Nicholson Rd, within minutes of a new $1.5 bil Vancouver waterfront improvement project and close to the Columbia River, Vancouver Lake Renaissance Trial, and Lacamas Lake Heritage Trial. Residents have immediate access to State Route 500, Interstate 205, and Interstate 5, providing seamless connectivity to Portland International Airport, downtown Portland, and the Columbia Tech Center, a master-planned, mixed used development that has over 3.5 msf of high-quality office, flex/industrial, medical, and retail.

Next Wave plans to implement an interior renovation program at the property that will include new appliances, lighting fixtures, plumbing fixtures, solid surface flooring in common areas, new carpet in bedrooms, new quartz countertops, refaced cabinets with new doors, brushed nickel hardware, tile backsplash in kitchens, and new electrical plates. The exterior and common area enhancements and upgrades will include siding repairs, new paint, replacement of nearly all roofs, a new signage package, renovation of the clubhouse and fitness center, and esthetic upgrades to the pool area and landscaping.

According to Jordan Fisher, Principal at Next Wave, in many cities, the velocity of multifamily sales continues to push pricing rapidly. Ashley Terrace provides an opportunity for Next Wave to acquire a property in a high-growth market at a basis almost unchanged from what similar properties sold for in 2019.

“Multifamily occupancy in the region has reached 97.5%, while rents have increased 7.3% year-over-year,” he says. “This is substantial momentum that will allow us to unlock deep value through our strategic renovation and management programs.”

“Ashley Terrace is well positioned to capitalize on the region’s robust population and employment growth,” explains Jordan Fisher, Principal at Next Wave. “The property had just one owner for the past 25 years and was designed to meet today’s resident lifestyle, offering large units with washer/dryers and attached garages – all of which are increasingly in demand among today’s renters. This, combined with in-migration trends driven by high quality of life and a relatively low cost of living, will support sustained rental demand for the foreseeable future.”

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