NextWave is Bullish on the Pacific Northwest
According to David Sloan, principal at Next Wave Investors LLC, recent Yardi data indicates continuing growth in demand for quality multifamily units as Spokane Valley, WA is expected to record average annual rent increases of 6.53 percent through 2024. This growth is bolstered by the fact that many residents from Seattle and other major Western markets continue to migrate to Spokane amid work remote working options.
This phenomenon is no more evident than in Next Wave’s recent off-market acquisition of Park Place Apartments, a 65-unit community. Park Place is located at 916 North Ella Rd. in Spokane Valley, WA.
“We’ve been bullish on the Pacific Northwest for some time and Park Place is our eighth multifamily property in the region,” says Jordan Fisher, principal at Next Wave. “Spokane, where we’ve acquired nearly 400 units in the past six months, has experienced robust growth over the past few years due to the area’s high-quality living at a relatively low cost. The market has seen 32 percent rent growth since the pandemic began – second in the country only to Boise, ID.”
Fisher adds that Park Place provides an excellent opportunity to implement Next Wave’s value-add strategy to modernize the property and bring competitive units to a market with sub-1 percent multifamily vacancy rates.
“Park Place is a unique property presenting tremendous upside potential,” continues Fisher. “Built in 1977, all of the community’s units are unrenovated. We were able to secure this prime asset off-market in a hypercompetitive climate through our strong reputation and broker relationships.”
- ◦Sale/Acquisition