Next Wave Expands Pacific Northwest Presence with $48.6M in Multifamily Acquisitions in Washington, Oregon
SPOKANE, WASH., AND TUALATIN, ORE. — Next Wave Investors has expanded its Pacific Northwest multifamily portfolio and entered the Oregon market with the purchase of two apartment communities in Washington and Oregon. The firm acquired Serrano North and South in Spokane for $34.4 million, and River Lofts in Tualatin for $14.2 million.
Located at 121 E. Wedgewood Ave. in Spokane, Serrano North and South features 300 apartments in a mix of studio, one-, two- and three-bedroom units with fully equipped kitchens, large closets, private balconies and patios. Community amenities include a swimming pool with sundeck, laundry facilities, clubhouse, detached garages and carports.
Next Wave plans to reposition Serrano North and South by renovating all units and improving the community amenities.
River Lofts, at 18540 SW Boones Ferry Road in Tualatin, offers 74 apartments in a mix of one-, two- and three-bedroom layouts, averaging 976 square feet. The seller renovated eight units, and Next Wave plans to upgrade the remaining 66 units.