Next Wave Investors acquired The Avi, a 196-unit multifamily community in Tempe, at auction for $40 million. The seller, Tides Equities, originally bought the property for $66.5 million in 2022.
Multi-Housing News reports Next Wave Investors secured a $55 million loan from ACRES Capital. This lender previously issued a $55.8 million acquisition loan to Tides Equities when the company purchased the property.
Located at 1235 W. Baseline Road, the 9-acre property includes 18 two- and three-story buildings with one- to three-bedroom units, ranging from 720 square feet to 1,500 square feet. Apartments include private balconies or patios. Common-area amenities include a fitness center, clubhouse, business center, and swimming pool.
Next Wave Investors currently owns three multifamily assets in metro Phoenix, with another one of them bought from Tides Equities. In October 2024, the firm also paid another $40 million to Tides Equities for The Madery, a 262-unit property in Tempe.
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