Next Wave Investors, a private equity firm focused on value-add multifamily investments, has expanded its portfolio in Las Vegas, Nevada with the acquisition of an 88-unit multifamily apartment community, Villaggio Di Murano.
The property was acquired in an off-market transaction at a discount to replacement cost, according to Jordan Fisher, principal at Next Wave, who confirmed that Next Wave acquired the asset from a Southern-California based multifamily investment group for $14.50 million.
“Villaggio Di Murano fits squarely within our investment thesis, through which we invest in well-located, opportunistic and value-add multifamily properties in key secondary markets including Las Vegas, Phoenix, and Salt Lake City,” said Fisher. “Built in 2005, this property was well-maintained by the seller and remains in its original classic condition, giving our team a tremendous opportunity to create deep value by implementing thoughtful renovations while also adding i
