Similar to our hotel strategy, we are focused on acquiring well-located, attractively priced apartment communities where we can create meaningful value through repositioning, re-tenanting and intensive asset management. Additionally, we are able to maximize operating efficiency through our affiliated property manager - NextWave Property Management. We target leverage below 75% LTV. Hold periods range from one to seven years. We generally target investor IRRs ranging from 15% - 30%.
Selection & Underwriting
Our multifamily investment strategy is aimed at achieving superior returns by investing in attractively-priced “off the radar” B and C class multifamily properties in secondary markets (e.g., Las Vegas, Tucson, Salt Lake City);
repositioning owned properties to increase competitive appeal to our target millennial demographic; and implementing innovative programs to improve rental rates and operating efficiency.
Property Management & Sale
Immediately following acquisition, we work with Next Wave Property Management to execute a comprehensive renovation and repositioning program. This program typically includes a fresh new look across the portfolio, new model apartments, unit renovations and exterior paint and signage.
The capital plan also typically addresses infrastructure issues such as roofs, parking, concrete, landscaping and pools. Asset sales are timed to coincide with peak occupancy following renovation.