Home Finance Next Wave Investors Purchases 180-Unit Multifamily Complex in Gresham, Ore. for $34MM

Next Wave Investors Purchases 180-Unit Multifamily Complex in Gresham, Ore. for $34MM

By Kate Snyder

A private equity firm based in southern California recently bought The Nash Apartments for approximately $34 million total, or $188,888 per unit, according to industry reports.

Next Wave Investors made the purchase from CSC Barberry Village Realty, LLC, which is affiliated with Cooper Street Capital, a private equity real estate company based in Aspen, Colo. The deal was recorded earlier this month.

Located at 224 S.E. 188th Ave., The Nash was built in 1975, and according to industry reports, Next Wave plans to upgrade the interior and exterior amenities. The property offers a mix of one-, two- and three-bedroom apartments. There are 180 units total in the complex, and according to Oregon News, features of the complex include a pool, spa, laundry facility, playground, clubhouse, and fitness center. The site is also close to public transit that leads to downtown Portland

Per its website, Next Wave has made $500 million in acquisitions and has owned or managed more than 1,800 properties in the nearly 20 years the company has been in operation.

Earlier this year, the company purchased two multifamily complexes in Beaverton – The Huntley and Parker Apartments – for a combined $31 million.

Next Wave first entered the Oregon market last year when it acquired River Lofts, a 74-unit multifamily property at 18540 SW Boones Ferry Road in Tualatin, Ore., for $14.2 million, or $191,891 per unit, according to a previous announcement reported by The Registry. That complex was also a mix of one-, two- and three-bedroom apartments that Next Wave planned to upgrade.

Cooper Street Capital owns properties in Oregon, Washington, California, Texas, New Mexico, Ohio and Kentucky. The firm has an additional office in San Francisco, according to its website.

Public records show Cooper Street Capital acquired the Gresham property in a sale recorded on Jan. 9, 2020, for $21.5 million.