Next Wave Investors recently acquired two multifamily properties in the Pacific Northwest: Serrano North and South, a 300-unit multifamily community in Spokane for $34.4 million, and River Lofts, a 74-unit multifamily property in Tualatin, OR, for $14.2 million. Regional momentum due to state and suburban in-migration, coupled with the economic recovery and subsequent job growth, make these acquisitions well-positioned to benefit from future demand and stability. Moreover, the acquisitions provide Next Wave an opportunity to leverage regional economies of scale and further streamline operational efficiencies, says Jordan Fisher, principal at Next Wave.
“The opportunity to enter the Oregon market and expand our footprint in Washington is well-timed with our ongoing investment strategy, through which we continue to identify value-add properties situated in markets poised for rapid growth and expansion,” says Fisher.
Next Wave was an early value-add investor in Las Vegas, Phoenix and Salt Lake City multifamily after the Great Recession. The firm benefited from strong value creation as population and job growth soared in these markets, says Fisher.
“There is an opportunity to enhance property value in the Pacific Northwest as fundamentals in both Oregon and Washington strengthen,” he says. “Overarching trends in the region include rising rental demand based on increasing in-migration from California residents and a flight to suburbia that ignited during 2020.”
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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