Next Wave acquires premier, unrenovated 118-unit Ashley Terrace Apartment Community in the Pacific Northwest for $ 23.8 million

NEWPORT BEACH, CA – Next Wave Investors, LLC (“Next Wave”), a private equity firm focused on value-adding multi-family investments, has acquired Ashley Terrace, a 1993 unrefurbished 118-unit condominium in the affluent submarket Walnut Grove of Vancouver, Washington, for $ 23.85 million in an over-the-counter transaction.

“This acquisition speaks volumes about current trends in the multi-family market,” said Jordan Fisher, Principal at Next Wave. “In many cities, the speed of multi-family sales continues to drive prices up rapidly. Ashley Terrace offers Next Wave the opportunity to acquire a property in a high-growth market on a basis that was almost unchanged from comparable properties in 2019. The price point is extremely rare at this point in the investment cycle. “

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

“Multi-family occupancy in the region has reached 97.5%, while rents have increased by 7.3% year-on-year,” he says. “This is a significant dynamic that will allow us to unlock great value through our strategic renovation and management programs.”

This acquisition follows the addition of 374 apartment buildings to Next Wave’s Pacific Northwest portfolio earlier this year and, according to Fisher, demonstrates the company’s ability to identify and secure competitive multi-family investments in high-growth markets.

“Ashley Terrace is well positioned to benefit from the region’s robust population and employment growth,” said Fisher. “The property has only had one owner for the last 25 years and was designed in such a way that it corresponds to today’s resident life and offers large units with washer / dryer and attached garage – all of which are in increasing demand from today’s tenants. This, combined with immigration trends, which are driven by a high quality of life and relatively low cost of living, will support sustained rental demand for the foreseeable future. “

Ashley Terrace also benefits from its proximity to downtown Vancouver and other shopping, dining, natural and cultural destinations. The property is minutes from a new $ 1.5 billion water front improvement project in Vancouver and close to the Columbia River, the Vancouver Lake Renaissance Trial and the Lacamas Lake Heritage Trial. Residents have direct access to State Route 500, Interstate 205 and Interstate 5, which provide seamless access to Portland International Airport, downtown Portland and the Columbia Tech Center, a master-planned, mixed-use project with a total area of over 3.5 million square feet of high quality office, flex / industrial, medical and retail.

David Sloan, Principal at Next Wave, said, “We have a strong track record of identifying value opportunities in emerging markets – including Phoenix, Salt Lake City and Las Vegas – and successfully executing value-adding multi-family investment strategies. With this experience, we know how to add value through improvements at the property level and we will be able to leverage economies of scale to further optimize the operational efficiency of our Pacific Northwest facilities. “

Next Wave’s interior renovation program includes new appliances, lighting fixtures, plumbing fixtures, solid surface floors in public areas, new carpets in bedrooms, new quartz countertops, newly painted cabinets with new doors, brushed nickel hardware, tile backs in kitchens and new electrical panels. The expansions and upgrades to the outdoor and communal areas include repairs to siding, new colors, the replacement of almost all roofs, a new signage package, the renovation of the clubhouse and fitness center, and aesthetic improvements to the pool area and landscaping.

Sloan adds, “Our ability to source this acquisition through our established off-market broker relationships speaks to our unique ability to access sought-after multi-family properties with strong upside potential.”

Ashley Terrace is located at 4500 Nicholson Road in Vancouver, Washington.

About Next Wave Investors, LLC: Next Wave Investors, LLC (“Next Wave”) is a Southern California-based private equity investment firm with a specialty focus on multi-family multi-family investments in the western United States. With more than $ 350 million in acquisitions to date, Next Wave is exceptionally good at identifying well-located, underrated properties where value can be created through professional operations and capital improvements. Building on a 15-year success story and practical experience in owning, operating, expanding and in-house management of apartment buildings, the company consistently delivers to its investors. More information is available at

Comments are closed.