SAN JUAN CAPISTRANO, Calif.--(BUSINESS WIRE)--Alpha Wave Investors, LLC (“Alpha Wave”) announced today that it will wind up its Alpha Wave Residential Fund 2, LP (“AWRF 2”) on or before September 30, 2016.
The near-term wind up of AWRF 2 is consistent with the fund’s original mandate, which was to (i) acquire attractively priced underperforming multifamily communities, (ii) quickly execute focused renovation and repositioning programs and (iii) realize timely dispositions of the communities.
Alpha Wave Investors Co-Founder and CEO Ken Cruse noted, “Our principal objective is to provide our investors with superior, risk-adjusted returns. To this end, we are very pleased to have delivered an IRR in excess of 100% for our investors in AWRF 2 - our first fully realized fund. Looking ahead, we intend to patiently grow our business one hand-selected deal at a time. We are confident that our disciplined, cycle-appropriate investing style is the best means for creating significant long-term investor value.”
Alpha Wave Investors Co-Founder and Principal Jordan Fisher stated, “AWRF 2 is a solid example of our highly tailored approach to real estate investing. We carefully sourced 'below the radar' multifamily communities that were poorly positioned within a rapidly growing market. We added value through thoughtful renovations and hands-on management, and we capitalized on strong market conditions by selling at a very attractive price. Our comprehensive approach to investing and asset management has proven to generate positive results, even late in the investment cycle. Accordingly, we are carefully underwriting additional potential investments in both the multifamily and hotel space where we can employ our proven techniques for creating investor value.”
Investors in AWRF 2 are not required to take any action based on this announcement.
About Alpha Wave Investors
Founded in 2015, Alpha Wave Investors is a private investment manager focused on both the multifamily and hotel sectors. Alpha Wave Investors’ principal objective is to consistently generate superior risk-adjusted returns for its investors.
Alpha Wave Investors strategy is to make cycle-appropriate, value-driven investments where clear upside may be achieved through hands-on management, competitive repositionings, operational efficiencies and price appreciation.
To date, Alpha Wave Investors has established four separate investment vehicles:
- Alpha Wave Residential Fund 1 LP (Las Vegas Nevada value-add multifamily),
- Alpha Wave Residential Fund 2 LP (Las Vegas Nevada value-add multifamily),
- AWI VP, LLC (Tucson Arizona value-add multifamily), and
- AWI Portfolio IV, LLC (Tucson Arizona value-add multifamily).
For more information, please visit Alpha Wave Investors website at: http://alphawaveinvestors.com/
About Next Wave Property Management
All of Alpha Wave Investors’ multifamily communities are managed by Next Wave Property Management. Next Wave Property Management is wholly-owned by the principals of Alpha Wave. Next Wave Property Management has offices in both Las Vegas, NV and Scottsdale, AZ. Next Wave oversees multifamily properties, single-family homes and HOAs for both Alpha Wave and various third-party owners throughout the southwest.
For more information, please visit Next Wave Property Management’s website at: http://www.nextwavepm.com/
AWRF 2 IRR Calculation
Investors who made a $25,000 investment in AWRF 2 on or after March 15, 2016 will receive a cash payout of $37,600 by September 30, 2016, resulting in a minimum IRR of 111.4%.