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Seattle & Northwest  + Portland  + Apartments  | 
Ashley Terrace

NextWave Rides Wave of Rapid Growth in Walnut Grove

Next Wave Investors LLC recently acquired Ashley Terrace, a 1993-vintage unrenovated apartment community for $23.85 million in an off-market transaction. The 118-unit property is located in the Walnut Grove submarket of Vancouver, WA.

“This acquisition speaks volumes about current trends in the multifamily marketplace,” says Jordan Fisher, principal at Next Wave. “In many cities, the velocity of multifamily sales continues to push pricing rapidly. Ashley Terrace provides an opportunity for Next Wave to acquire a property in a high-growth market at a basis almost unchanged from what similar properties sold for in 2019. The ability to secure an asset of this vintage with such tremendous value-add potential at this price point is extremely rare at this point in the investment cycle.”

Fisher points to recently released Yardi data that indicates rapid growth in the Walnut Grove submarket.

“Multifamily occupancy in the region has reached 97.5 percent, while rents have increased 7.3 percent year-over-year,” he says. “This is substantial momentum that will allow us to unlock deep value through our strategic renovation and management programs. Ashley Terrace is well positioned to capitalize on the region’s robust population and employment growth. The property had just one owner for the past 25 years and was designed to meet today’s resident lifestyle. This, combined with in-migration trends driven by high quality of life and a relatively low cost of living, will support sustained rental demand for the foreseeable future.”

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Jordan Fisher

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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