Alpha Wave Investors acquires 110-unit Tucson property

Alpha Wave Investors, a private equity investment firm specializing in opportunistic and value-add multifamily and hospitality assets in the Western U.S., has acquired Orange Tree Village, a 110-unit townhome-style multifamily property in the Casas Adobes neighborhood of Tucson, Arizona. The property, which is currently 85-percent occupied, was acquired in an off-market transaction at a significant discount to replacement cost, according to Jordan Fisher, a Founding Partner of Alpha Wave Investors. “This property meets our investment criteria at all levels,” says Fisher.  “The asset has been under-managed in recent years, resulting in a strong opportunity to create value through strategic renovations.” Alpha Wave will 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, as well as a dog park.