Next Wave Divests of Spanish Oaks Apartments in Las Vegas for $50M

LAS VEGAS — Next Wave Investors has completed the $50 million sale of Spanish Oaks, a multifamily community in Las Vegas. The name of the buyer was not released.

Built in 1976, Spanish Oaks features 216 garden-style apartments. Next Wave originally acquired the asset for $28.5 million in February 2021 and implemented a renovation and value-add business plan for the property. The company renovated 30 percent of the units and completed enhancements to the exterior and amenity spaces.