Next Wave Expands Utah Footprint With Acquisition of Four Multi-family Communities Totaling114 Units in Ogden MSA

Posted on
December 13, 2021
Next Wave Investors
Next Wave Expands Utah Footprint With Multi-family Acquisition

Next Wave Investors, LLC (“Next Wave”) a private equity firm focused on value-add multifamily investments, has acquired a portfolio of four multifamily properties totaling 114 units in the Ogden-Clearfield metropolitan statistical area of Utah.

Next Wave has been active in the greater Salt Lake City market for several years and has identified the Ogden-Clearfield MSA as a key submarket demonstrating high-growth fundamentals that are well aligned with the firm’s investment strategy, according to Jordan Fisher, Principal at Next Wave.

“The Ogden MSA has emerged as a top-performing Salt Lake City submarket that is seeing year-over-year rent growth of more than 13% and occupancy rates of over 98%, creating a high demand for quality multifamily units,” says Fisher, citing recent Yardi Matrix reports. “Located approximately 45 minutes north of Salt Lake City, the area’s positioning as a peaceful suburban location with rich local amenities on the cusp of a major city will continue to attract those seeking a more space and small-town feel within close proximity to employment hubs.”

Fisher notes that the four properties, which were all built between 1970 and 2000, present a strong opportunity for Next Wave to implement its value-add multifamily strategy to modernize the communities and enhance the overall image and curb appeal.

“Our previous activity in this submarket, including the sale of nearby Cove on Bruce Apartments in September, has bolstered Next Wave’s confidence in our ability to successfully execute the business plan for this portfolio and potential future investments in this area,” explains Fisher. “Not only did we sell Cove on Bruce at a substantial premium to the purchase price of these properties, but we also were able to secure this acquisition off market through existing broker relationships.”

The four properties acquired include:

· LaDawn Apartments, a 64-unit apartment community located at 1777 W 4800 S in Roy, Utah.

· Iron J Apartments, a 24-unit apartment community located at 2245 Jefferson Ave in Ogden, Utah.

· Jefferson Townhomes, a 6-unit townhome community located at 110 Jefferson Avein Ogden, Utah.

· Monticello Apartments, a 20-unit apartment community located at 560 27th St in Ogden, Utah.

All of the properties are ideally located to provide residents convenient access to the area’s major entertainment and activities including athletic programs, shopping centers, parks, aquatic centers, and museums.

Next Wave’s renovations to the communities will include upgraded appliances, fixtures, and countertops; new carpet and flooring in units and common areas; and fresh paint. Amenity enhancements at some of the properties may include adding carports, completing roof repairs, renovating the leasing offices, and upgrading community signage and landscaping.

David Sloan, Principal at Next Wave, adds that Salt Lake City boasted a 15% increase in population over the previous 10 years and currently ranks within the top 25 markets in the country for employment growth, a significant increase from last year’s ranking of 49. The region continues to build a national reputation as for both its business-friendly climate and quality of life, and is ranked in the top 25 on U.S. News & World Report’s list of the Best Places to Live in the U.S.

“We are uniquely positioned as long-time investors in value-add multifamily in the greater Salt Lake City area, recognizing early on that the market was poised for rapid growth and seeing the value creation opportunities presented through acquiring and repositioning vintage communities,” says Sloan. “As capital continues to flow into the region, we’ve cultivated a deep understanding of the submarkets and resident demand. This, combined with a strong network of local relationships, allows us to identify and source lucrative opportunities and execute our proven value-add strategies.”

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 $425 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

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