Next Wave Investors Buys 160-Unit Willow Creek Apartments in Prescott, Arizona

PRESCOTT, ARIZ. — Next Wave Investors has purchased Willow Creek, a multifamily community in Prescott, from an entity doing business as 3137 Willow Creek Road LLC for $58 million, or $362,500 per unit. Steve Gebing, Cliff David and Hamid Panahi of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

Completed in 2020, Willow Creek features 160 apartments averaging 860 square feet. Units feature nine-foot ceilings, custom dark wood cabinetry and full-size washers/dryers. Common area amenities include a leasing office and resident clubhouse, fitness center, courtyard with picnic seating and charcoal grilling stations, covered parking and detached garages.