TUCSON, ARIZ. — Alpha Wave Investors has purchased Orange Tree Village, a townhome-style multifamily property located at 645 W. Orange Grove Road in the Casas Adobes neighborhood of Tucson. A Texas-based private investor sold the property for $10.5 million.

Alpha Wave plans to invest more than $2 million in capital upgrades at the property, including new paint and roofing, an upgraded pool and clubhouse, a new fitness center and children’s playground, interior unit renovations and a dog park.

Constructed in 1981, the property features one-, two- and three-bedroom floor plans with private patios. At the time of acquisition, the 110-unit property was 85 percent occupied.

Alon Shnitzer of ABI Multifamily represented the buyer, while John Ibrahim, also of ABI Multifamily, represented the seller in the deal. David Walkin of Meridian Capital Group arranged the acquisition financing for the buyer. Thorofare Capital funded the loan.


TUCSON, Ariz., (March 1, 2018) – Alpha Wave Investors, a private equity investment firm specializing in opportunistic and value-add multifamily and hospitality assets in the Western U.S., has announced the sale of Sycamore Cove, a 67-unit apartment property in the Oak Flower neighborhood of Tucson, Arizona.

     The firm, which acquired the asset in December of 2016, conducted an extensive renovation and repositioning program that increased property value by 80-percent during its one year of ownership.

     “The key to this investment was a rapid and effective operating strategy,” says Jordan Fisher, a Founding Partner of Alpha Wave Investors. “Our firm specializes in identifying well-located, under-improved properties that are poised for value creation. We then draw upon our in-house property management platform to strategically improve properties based on our knowledge of demand in the market, ultimately creating deep value and generating substantial returns for our investors.”

    During its ownership, Alpha Wave upgraded the property’s exterior and interior with new paint and fixtures, repaired the asset’s roof, parking, and balconies, resurfaced and replaced the pool and deck, upgraded landscaping, and added in-demand amenities such as a new pet park and fully renovated laundry room.

     “By introducing amenities that local renters are seeking and conducting these upgrades in a cost-effective manner, we were able to revive this Class C asset and capitalize on its strong location in close proximity to local employment to drive a rapid lease-up,” says Fisher.

     Alpha Wave acquired the property at 50-percent occupancy and brought it to nearly 100-percent occupancy prior to the sale.

     Sycamore Cove’s proximity to major local employers including the University of Arizona, Tucson Medical Center, Banner-University Medical Center, Raytheon, and Davis-Monthan Air Force Base, positions the property to attract and retain renters seeking housing that is well-priced for the market. 

     Built in 1979, the apartment community offers one-bedroom apartments featuring balconies, air conditioning, walk-in closets, and upgraded kitchen appliances, as well as a swimming pool, picnic area and pet park. The property is located at 2458 N. Sycamore Blvd. in Tucson, Arizona.
     Alon Shnitzer, Jon Ibrahim and Ryan Kippes with ABI Multifamily, an apartment brokerage firm, represented the seller, Alpha Wave Investors, and the buyer, a California based family partnership, in the transaction.

Million-dollar deal for Historic Redmond hotel

Redmond, OR  A $1 million deal between the city of Redmond and a California investment firm could revive the New Redmond Hotel, a historic downtown landmark vacant since 2005.

The Redmond City Council, acting in its role as the Redmond Urban Renewal Agency, agreed Tuesday to spend $1 million toward renovating the 89-year-old hotel. Alpha Wave, an Orange County, California, based hotel investment group, will then come up with the remaining funds for the purchase and renovation work involved in the $5.25 million project.

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Alpha Wave Featured on CNBC

San Juan Capistrano, Calif. – April 1, 2016 — Alpha Wave Co-Founder, Ken Cruse, was interviewed on CNBC.  As noted in the interview, we’re actively pursuing our lodging investment strategy (along with our ongoing multifamily strategy).  We believe fundamentals in both the lodging and the multifamily sectors remain very attractive.  As you know, we’re keenly focused on executing disciplined, carefully thought out investments where clear upside may be achieved through competitive repositioning and enhanced operations.

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Next Wave Property Management Acquires Silver Mountain Real Estate Group

San Juan Capistrano, Calif. – October 5, 2015 — Next Wave Property Management (NWPM) announced today that it has acquired Scottsdale, Ariz.-based Silver Mountain Real Estate Group, a leading manager of apartments, homeowners associations and single family investment properties in the rapidly-growing Phoenix, Ariz. market. The acquisition expands NWPM’s geographic presence, and solidifies its position as a leading multifamily real estate services company in the Southwest region. With this acquisition, NWPM now manages over 2,500 units in Arizona and Nevada.

“Silver Mountain is one of Phoenix’s most highly-respected management firms and we are proud to have them join our organization,” said Jordan Fisher, NWPM CEO. “Combining forces makes considerable sense as it not only extends our reach into a new, major Southwestern market but also brings together some of the most talented and experienced professionals in the industry. This merger will give us the scale to bring our industry-leading technology and operations to a much broader range of managed communities, while retaining NWPM’s owner-focused, small business feel when it comes to customer service and attention to detail. As a result, we are confident that this transaction will be a win-win for our employees, owners, tenants and investors.”

NWPM specializes in third-party management of multifamily residential communities. NWPM is focused on achieving strong returns while minimizing risks for its property owners by leveraging its market expertise, proven operating strategies and the latest technological innovations. Since inception, NWPM has been among the fastest growing multifamily property management firms in the Southwest. For more information, please visit

NWPM is an affiliate of Alpha Wave Investors, LLC, a Southern California-based private equity investment platform. For more information, please visit Alpha Wave’s website at

Alpha Wave Investors Closes On Its First Multi-Family Partnership

San Juan Capistrano, Calif. August 7, 2015 – Alpha Wave Investors, LLC today announced it closed on its first multi-family partnership – Alpha Wave Residential Fund 1, LP (AWRF1) – on July 31. The AWRF1 portfolio is comprised of four multi-family Las Vegas properties (418 units) all located within the vibrant University submarket.

Jordan Fisher, Alpha Wave Residential Partners, LLC CEO and AWRF1 General Partner, said, “We are excited to announce the closing of our first multi-family partnership. We are already executing on a comprehensive value-creation plan for the AWRF1 portfolio, and we have made significant progress toward repositioning the properties to increase their competitive appeal to our target millennial demographic. All four properties will be managed by our wholly-owned property management company, Next Wave Property Management, LLC, which allows us to directly implement new services and innovations aimed at improving operating efficiency and enhancing the tenant experience.”

Ken Cruse, Alpha Wave Investors, LLC, CEO added, “The partnership deal we announced today is highly consistent with our stated strategy of making well-timed, value-driven investments where clear upside may be achieved through thoughtful, intensive oversight. We see AWRF1 as a great opportunity to build on our proven track record of delivering superior investor returns and look forward to rolling out additional partnership opportunities over the next several quarters.”

Equity capital for AWRF1 was arranged, in part, by Mike Gottlieb of Citation Capital Partners, Inc.

About Alpha Wave Investors

Alpha Wave Investors, LLC is a Southern California-based private equity investment platform. The company’s name — Alpha (superior returns through insightful investing) and Wave (investment strategies tailored for the peaks and valleys of the business cycle) – reflects its philosophy of creative, disciplined, value-driven investing for all phases of the cycle. Alpha Wave’s principal objective is to consistently generate superior risk-adjusted investor returns.

Alpha Wave’s strategy is to make cycle-appropriate, value-driven investments where clear upside may be achieved through hands-on management, competitive repositionings and operational efficiencies.

Alpha Wave focuses on three primary verticals:

Alpha Wave Residential is focused on direct investments in value-add multifamily assets and value creation through hands-on property management via its wholly-owned subsidiary, Next Wave Property Management, LLC.

Alpha Wave Lodging is focused on cyclical opportunities in the lodging space via both direct investments and operations management.

Alpha Wave Eco is focused on direct investments in profitable green and eco-friendly businesses.

For more information, please visit the company’s website at

Next Wave Awarded Management of 72-Unit Apartment Community in Las Vegas, NV

July 22, 2015 – LAS VEGAS–(BUSINESS WIRE)–Next Wave Property Management Services, a leading multifamily management firm (“Next Wave”), announced it has been awarded a contract to manage Mountain Paradise Village, a 72-unit community in North East Las Vegas. Located at 5820 Meikle Lane, the property is well positioned with easy access to Nellis Air Force Base and major thoroughfares such as Lake Mead Blvd.

Mountain Paradise Village comprises one- and two-bedroom apartments. It is a pet-friendly community that features a resort-style pool and community center.

Next Wave plans to utilize the industry’s newest technology to enhance the leasing and onsite living experience at Mountain Paradise Village. “Our team will implement a cutting-edge digital marketing program along with resident portal and revenue management system,” said Sr. Vice President Tiare Harline. “With a deep and talented team, we are very experienced at successfully managing this sort of property.”

Next Wave specializes in third-party management of multifamily residential communities. Next Wave is focused on achieving strong returns while minimizing risks for its property owners by leveraging its market expertise, proven operating strategies and the latest technological innovations.

“I’m very excited to work with the Next Wave team,” Said Glenn Walker of Walker Investments. “They have an outstanding staff and have developed a fantastic business plan for stabilizing the asset and maximizing value. I’m very impressed with their use of technology and expect great performance from this property.”

Next Wave is a wholly owned subsidiary of Alpha Wave Investors, LLC, a Southern California-based private equity investment platform.

Announcing a better way to invest through the lodging cycle: Alpha Wave Investors

San Juan Capistrano, Calif., Jan. 26, 2015 – Lodging industry veteran Ken Cruse today announced the formation of Alpha Wave Capital (AWC), a private, multi-strategy real estate investment platform. AWC will look to capitalize on cyclical and short-term value opportunities in the lodging space. Through a multi-platform model, AWC plans to invest in lodging assets, including securities, real estate, lodging companies or lodging-related businesses. AWC will apply a broad-spectrum
approach, targeting both long and short positions with the objective of building a portfolio of investment vehicles that include both direct (value-add) and indirect (securities or debt) investments.

Given the mature state of the current lodging cycle, AWC plans to form an open-ended, long / short hedge fund focused on publicly-traded lodging company securities as its initial investment vehicle.

“Alpha Wave Capital will seek out value-add opportunities through creative, cycle appropriate investments for all phases of the lodging cycle,” said Ken Cruse, Founder and Managing Partner of Alpha Wave Investors, LLC and Alpha Wave Capital. “As we move further into the mature phase of the lodging cycle, now an optimal time to launch a long / short hedge fund focused solely on the lodging space. Lodging equities tend to follow an identifiable re-pricing pattern in advance of
cyclical inflections. We believe our innate knowledge of the lodging cycle, proprietary modeling techniques, key industry relationships and our ability to quickly and efficiently shift from long to short positions will enable Alpha Wave Capital to generate superior investor returns through all phases of the lodging cycle.”

Ken Cruse brings more than 25 years of lodging industry experience, relationships and cycle knowledge to Alpha Wave Capital. From August 2011 through January 2015, Cruse served as CEO of Sunstone Hotel Investors (NYSE:SHO), a $5 billion TEV Lodging REIT. Under Cruse’s leadership, Sunstone reduced its leverage by more than any other lodging REIT, acquired over $1 billion in high quality hotels and enhanced the competitive positioning of its portfolio through comprehensive, well timed hotel renovations. Most importantly, under Cruse’s tenure as CEO, Sunstone generated average annual total shareholder returns in excess of 30 percent.

About Alpha Wave Investors

San Juan Capistrano, Calif.-based Alpha Wave Investorsis a private real estate investment platform. Alpha Wave Investor's strategy is to exploit well known, but poorly understood market re-pricing patterns in the lodging space through various investment strategies. Alpha Wave investment vehicles may include one or more long/short hedge funds for investing in lodging securities, as well one or more private equity funds for direct investments in lodging assets, debt, or whole companies. Founded in January of 2015, the company’s name — Alpha (creative, disciplined, intelligent investing) and Wave (in reference to the cyclical nature of the lodging business) – reflects its philosophy of smart, clear, calm and creative investing for all phases of the lodging cycle.

For more information,
contact Ken Cruse directly and

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