Through existing broker relationships, Next Wave Investors LLC was able to acquire a property in an off-market transaction at a discount to replacement cost, according to Jordan Fisher, principal at Next Wave. The firm recently acquired Spanish Oaks, a 216-unit garden style multifamily community in Las Vegas, for $28.075 million. The property is located at 2301 South Valley View Blvd.

“Spanish Oaks fits seamlessly within our investment strategy of acquiring value-add assets in well-located secondary markets positioned for economic growth,” says Fisher. “We have deepened our relationships and presence as an owner in Las Vegas for several years now, while also leveraging economies of scale to deliver long-term value for our investors.”

Next Wave purchased the property from a Southern California investor that had previously completed renovations to 56 of the units. This provides the firm an opportunity to further create value by implementing a full renovation program to the additional 160 units, Fisher says.