Midvale–Next Wave has sold Park Station Apartments, a 95-unit transit-oriented multifamily property in the Salt Lake City submarket of Midvale, Utah to a California-based private investment company.
“This was a repeat buyer, which speaks to the quality of our properties and our relationships,” says Sloan. “After acquiring the asset in July of 2018 and implementing a series of strategic value-add renovations, we were able to sell at an approximate 40% increase and achieve a seamless transaction with a trusted entity.”
During its ownership, Next Wave renovated two-thirds of the units and added new in-demand amenities including a swimming pool, playground, pet wash station, leasing office, and business center.
“As owners of more than 225 units in Utah, we understand the dynamics of this market and recognized the immediate value these amenities would deliver,” adds Sloan. “We continue to actively seek investments in the Salt Lake City metro and in other key high-growth secondary markets including Tucson, Phoenix, Las Vegas, and now Dallas/Plano.”
Park Station Apartments is located at 7155 High Tech Drive in Midvale, Utah. Brock Zylstra and Daniel Shin of Marcus and Millichap represented Next Wave as the seller in the transaction.
About Next Wave Investors, LLC
Next Wave Investors, LLC (“Next Wave”) is a Southern California-based private equity investment firm with a specialized focus in value-add multifamily investments throughout the Western United States. With more than $225 million in acquisitions to date, Next Wave is exceptionally skilled in identifying well-located, underappreciated properties where value can be created through professional operations and capital improvements.
Drawing upon a 15-year track record and hands-on experience in the ownership, operation, enhancement, and in-house management of multifamily properties, the firm consistently delivers for its investors. More information is available at www.nextwaveinvestors.com.