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4/29/21
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Next Wave Investors LLC has acquired two multifamily properties in the Pacific Northwest in deals totaling just under $50 mil. The acquisitions were of Serrano North and South, a 300-unit multifamily community in Spokane, WA for $34.4 mil ($115k/unit), and River Lofts, a 74-unit multifamily property in Tualatin, OR for $14.2 mil ($192k/unit).
The assets, acquired in off-market transactions, were built in 1974, 1981 and 1984, and are considered value-add opportunities. Next Wave is looking to implement improvement and renovation strategies that will enhance quality of life for the residents at each of these properties.
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