Next Wave Investors LLC, through a subsidiary company, initially purchased 103 of Westover Parc’s units as condominiums in September 2019 and acquired the remaining units from more than a dozen different sellers in six months for a total consideration of $22 million. Through a value-add program, the firm was able to nearly double the value of Westover Parc Apartments in slightly more than two years, according to Jordan Fisher, Next Wave principal. Next Wave recently sold the 160-unit apartment community at 6515 W. McDowell Rd. in Phoenix to an East Coast-based buyer for $41.625 million.

“As early value-add multifamily investors in the high-growth Phoenix market, we’ve been well-positioned to continue to identify and secure lucrative opportunities as competition has skyrocketed,” explains Fisher. “We leveraged our strong local connections, knowledge of market demands, and ability to think outside the box to recognize and fully realize this opportunity to strategically assemble a broken condo project and reposition the asset as an apartment community.”

As part of its value-add program, Next Wave completed interior renovations of nearly all units, implemented a security system, and revamped the pool area, clubhouse and fitness center.

“We feel a unique advantage in that we have been acquiring, renovating and selling multifamily properties in this market for several years,” says Fisher. “Westover Parc Apartments will provide the buyer with an upgraded cash-flowing asset that will provide immense long-term value.” 

David Sloan, principal at Next Wave, adds that the Phoenix has remained resilient and continues to be one of the country’s fastest-growing markets.

“Strong economic development and population growth are driving forces behind this continued demand,” says Sloan. “There are a number of large companies coming to Phoenix to expand their businesses, bringing an influx of employment opportunities to the area. As a result of this, we’ve seen an increased need for high-quality multifamily housing, which has allowed us to secure premium pricing as we bring our assets full cycle.”