NEXT WAVE SELLS LUXURY APARTMENTS FOR $21.5M
Next Wave Investors LLC, a California-based private equity firm, has sold Harlow Luxury Apartments, a 98-unit Class A luxury multifamily community. The asset was purchased by a Southern California-based private equity firm for $21.5 million.
Next Wave originally acquired the resort-style property in March 2019 for $17.1 million and increased its value by more than 25 percent during less than 16 months of ownership, according to Jordan Fisher, principal at Next Wave.
“The quick disposition of Harlow Luxury Apartments, especially in the midst of a pandemic, is a prime example of the success of our strategy and demonstrates the continued desirability of this market,” Fisher said. “Our team has the ability to identify multifamily assets with the potential for high performance, located in key growth markets. Upon acquiring these assets, we implement our proven value-add strategy in order to serve renters in those markets and maximize return for our investors.”
He added: “Harlow Luxury Apartments is located near Lone Mountain, in the expanding northwest region of Las Vegas. It is within 5 miles of Summerlin, one of the most prestigious communities in the Las Vegas Valley. Summerlin offers direct access to numerous entertainment and shopping centers, which positioned Harlow the opportunity to draft off the rapid growth trajectory of the submarket. We recognized this positioning and capitalized on the opportunity to purchase a promising asset in the region and improve upon it.”
Before the sale, Next Wave performed major interior renovations, including the installation of new counter tops, flooring, appliances, lighting, miscellaneous fixtures and paint in nearly 30 units in the apartment complex.
“Prior to the pandemic, Nevada was ranked No. 1 in job growth in the U.S. While the region is currently suffering an economic downturn due to the circumstances, we believe that the favorable business climate, transportation accessibility, and affordable cost of living will lead to resumed growth as the national economy recovers from the COVID-19 outbreak,” Sloan said.
Next Wave has extensive experience repositioning assets in the Las Vegas market. Harlow is the company’s seventh disposition in Las Vegas since it first began investing there in 2015.
According to Sloan, Next Wave currently has three assets with 304 units remaining in its Las Vegas portfolio and expects to add to its holdings in market in the coming months.
COMPLETED SALE TRANSACTIONS
• A sale to Spectrum Reality LLC. The 11,322-square-foot office property is at 7560 W. Sahara Ave. The transaction value was $1,630,000. Alexia Crowley, CCIM; Al Twainy, CCIM; and Jennifer Lehr, CCIM, of Colliers International represented the seller, GHV Group LLC.
• A sale to ATM-HQ LLC. The 4,896-square-foot office property is at 3285 N. Fort Apache Road. The transaction value was $1,007,180. Stacy Shapiro, CCIM, and Alexia Crowley, CCIM, of Colliers International represented the seller, SN Nevada LLC.
COMPLETED LEASE TRANSACTIONS
• A renewal and expansion to Kotton Kings Screen Printing LLC. The 11,752-square-foot industrial property is at in Walnut Business Park at 3020 N. Walnut Road, Suites 110 & 180. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, SIOR, CCIM; Jerry Doty; Gabe Telles; Ryan Hendershot; and Chase Pavlov of Colliers International represented the lessor, CRP III Walnut LV LLC.
• A lease to Henry Ingier. The 4,088-square-foot industrial property is in Rincon Industrial Park at 4305 E. Sahara Ave. Brian Riffel, SIOR, and Tyler Jones of Colliers International represented the lessor, CIP Cerritos Industrial Park LLC.
• A lease to Las Vegas Custom Signs LLC. The 3,465-square-foot industrial property is in Cheyenne Airport Center at 3575 W. Cheyenne Ave., Suite 103, in North Las Vegas. Gabe Telles, Ryan Hendershot and Chase Pavlov of Colliers International represented the lessor, BKM Cheyenne 104 LLC.
• A lease to RHW LLC. The approximately 2,200-square-foot retail property is in Pebble Marketplace Shopping Center at 1550 N. Green Valley Parkway, Suite 300=A in Henderson. Scot Marker of Colliers International represented the lessor, LV Pebble LLC.
• A lease to Prestige Pools Inc. The 1,978-square-foot industrial property is in Brunner Commerce Park at 1610 Raiders Way, Suite 100 in Henderson. Grant Traub, SIOR; Chris Connell, SIOR; Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, SIOR, CCIM; and Jerry Doty of Colliers International represented the lessor, Retko Group LLC.
• A lease to Pioneer Equipment. The approximately 1,860-square-foot industrial property is in Gibson Business Plaza at 145 Gibson Road, Suite F. Tyler Jones and Brian Riffel, SIOR, of Colliers International represented the lessor, Gibson BP LLC.
• A lease to Millwork Pioneers Inc. The 1,752-square-foot industrial property is in Brunner Commerce Park at 1600 Raiders Way, Suite 110, in Henderson. Grant Traub, SIOR; Chris Connell, SIOR;Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, SIOR, CCIM; and Jerry Doty of Colliers International represented the lessor, Retko Group LLC.
• A lease to CRP Consulting. The 1,737-square-foot industrial property is in Brunner Commerce Park at 1600 Raiders Way, Suite 150, in Henderson. Grant Traub, SIOR; Chris Connell, SIOR; Dan Doherty, SIOR; Chris Lane, SIOR, CCIM; and Jerry Doty of Colliers International represented the lessor, Retko Group LLC. Paul Sweetland, SIOR, of Colliers International represented the lessee.
