TUCSON, AZ - Alpha Wave Investors, LLC (“Alpha Wave”), a Laguna Hills based real estate investment company, announced the acquisition of three apartment communities located in Tucson, Arizona: Villa Pacifica, Quail Meadows and Quail Park.
Villa Pacifica is a 176-unit apartment community built in 1986 that offers one, two and three bedroom floorplans, and is located minutes away from Davis-Monthan Air Force Base and in close proximity to Park Place mall. Quail Meadows and Quail Park, located adjacent to each other, each contain 144 units and were built in 1984 and 1985, respectively. The southern Tucson locations provide excellent access to the Tucson airport and the Tucson Spectrum retail and entertainment center. All three properties were financed using the Freddie Mac Small Balance Loan program providing non-recourse financing at attractive interest rates.
Alpha Wave's business plan is to renovate the exterior and interior of the properties to increase rents to market-comparable rates, and in return, provide a great living experience to the residents. The exterior improvements include new roofs, landscaping, pool decks, parking lot surfaces and shaded play areas. We will also be renovating the clubhouses and associated leasing offices, workout rooms and business centers. Interior unit renovations include upgrades to countertops, cabinets, paint and floors, and new appliances. The properties will all be managed by Next Wave Property Management, LLC, an Alpha Wave affiliate.
The Tucson economy has shown rapid growth in 2016 and was recently listed as the city with the 3rd fastest job growth in the U.S. by a Bloomberg economist. “We are very excited about these acquisitions,” said Jordan Fisher, Alpha Wave Co-Founder, “as all three properties were acquired at very attractive values and provide ample opportunity to add substantial value in a market that is poised for solid growth.”
Alpha Wave Investors, LLC is a Southern California-based private equity investment platform. The company’s name — Alpha (superior returns through insightful investing) and Wave (investment strategies tailored for the peaks and valleys of the business cycle) – reflects its philosophy of creative, disciplined, value-driven investing for all phases of the cycle. Alpha Wave’s principal objective is to consistently generate superior risk-adjusted investor returns. For more information, please visit the company’s website at www.alphawaveinvestors.com.
Next Wave Property Management specializes in third-party management of multifamily residential communities. Next Wave is focused on achieving strong returns while minimizing risks for its property owners by leveraging its market expertise, proven operating strategies and the latest technological innovations. Since inception, Next Wave has been among the fastest growing multifamily property management firms in the Southwest. For more information, please visit www.nextwavepm.com