Private multifamily equity firm Next Wave Investors, LLC has acquired The Nash, a 180-unit apartment community in the Portland submarket of Gresham, OR. The property was purchased from an undisclosed seller for $34 million.

“The Portland Metro has some of the strongest fundamentals for value-add investments. Over the years, our firm has worked strategically to escalate our footprints in submarkets that are poised for further growth and steady rent appreciation,” said Jordan Fisher, Principal at Next Wave.

Built in 1975, The Nash offers one-, two- and three-bedrooms floorplans with community amenities that include a pool, spa, clubhouse and fitness center. It is also located close to the TriMet public transit system, providing easy connectivity to downtown Portland.

Next Wave will improve the units with new appliances, upgraded cabinets, new air conditioning and more. The exterior will get refreshed landscaping, refurbished roofing and a renovation of the fitness center and pool.