Next Wave Expands Texas Multifamily Portfolio With Acquisition in Dallas

Next Wave Investors, LLC, a private equity firm focused on value-add multifamily investments, has acquired Casa Luna Apartments, a 232-unit apartment community in Dallas. This purchase brings the firm’s multifamily portfolio in the Dallas-Fort Worth metroplex to more than 300 units.

Located at 8411 La Prada Dr E in Dallas, Casa Luna is 53 years old, however, Next Wave plans to begin intensive capital improvements to the property.

 While other communities in the specific submarket have an average market occupancy in the mid-90% range, the property currently has a high vacancy due to units that were damaged in Texas’s February 2021 freeze event,” continues Fisher. “Next Wave has the expertise required to renovate all vacant units, address deferred maintenance, and activate additional revenue generators to help bolster the overall livability and curb appeal of the property and provide significant upside in rent premiums.”