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6/11/18
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Alpha Wave Investors has acquired Cypress Springs Apartments, a 144-unit multifamily community situated in the Centennial Hills submarket of Las Vegas, for $15 mil ($104k/unit) in an off-market transaction. The property is located at 3651 Rancho Dr, north of Cheyenne Ave and east of Jones Blvd. The seller, a private investor based in California, owned the asset for more than a decade.
Alpha Wave plans to implement approximately $1.7 mil in upgrades and improvements to the property, including the addition of security gates, a play structure, a dog park, an outdoor gas barbeque, new landscaping, exterior paint, a new pool area, clubhouse, and fitness center, as well as fully renovated interiors.
“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,” says Jordan Fisher, a Founding Partner of Alpha Wave Investors. “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.”
The city, which ranks among the top 10 metro areas for population growth, boasted the second-largest employment gain in the U.S. last year, growing 2.9%. Fisher notes that the resulting multifamily rent growth - up 5.3% year-over-year – demonstrates that market fundamentals are strong enough to support true value-add investments.
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