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February 24, 2021
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Las Vegas Res Community Acquired by Next Wave Investors


Next Wave Investors LLC has acquired Spanish Oaks, a 216-unit, garden-style multifamily community in Las Vegas, for $28.075 mil ($130k/unit) in an off-market transaction.

Built in 1976, Spanish Oaks is located at 2301 South Valley View Blvd, west of I-15 and north of Sahara Ave. It features a mix of one- and two-bedroom units with large closets and private balconies or patios. Community amenities include a fitness center, pool, clubhouse, laundry facilities, and a leasing center.

Spanish Oaks is strategically located less than 10 minutes from the Las Vegas Strip. The property is situated along the Interstate 15 and SR 159, also providing residents ease of access to over 10 msf of office in downtown Las Vegas as well as proximity to retailers, recreation, and award-winning schools.

Next Wave intends to upgrade all unrenovated units through their proven value-add program with interior additions such as: stainless steel or black appliances, lighting fixtures, vinyl plank flooring in common areas, new carpet in bedrooms, stone countertops, new paint, tile backsplash in kitchens, among other items. The firm will also reposition the asset through enhancements to the exterior and amenity spaces including adding carports, exterior paint, roofing, and upgrades to the pool area and landscaping while also creating operational efficiencies through management expertise.

“We purchased the property from Southern California Investor, who had previously completed renovations to 56 of the units,” noted Jordan Fisher, Principal at Next Wave. “This gives our team a tremendous opportunity to further create value by implementing a full renovation program to the additional 160 units.”

“Despite Las Vegas’ high concentration of hospitality jobs that have struggled during the pandemic, Las Vegas has benefited from major construction projects over the last several years including new stadiums, entertainment centers, resort developments, among others,” added David Sloan, Principal at Next Wave, who notes that Next Wave’s current portfolio in the Las Vegas market totals 304 units. “The region has been among the most resilient throughout the pandemic and has even seen an increase in rent growth by 4-5%. We believe the city is poised for strong future growth as travel and hospitality rebounds once the COVID vaccine is fully rolled out.”

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