California firm buys Las Vegas apartment complex for $15M

Alpha Wave Investors acquired the 144-unit Cypress Springs rental complex at 3651 N. Rancho Drive in Las Vegas for $15 million. (Brower Group)

A Southern California real estate firm bought a Las Vegas apartment complex for $15 million.

Alpha Wave Investors announced Tuesday that it acquired the 144-unit Cypress Springs rental complex and that it plans to make around $1.7 million worth of upgrades and improvements.

The complex, at 3651 N. Rancho Drive in the northern Las Vegas Valley, was built in 1994.

The sales price amounts to about $104,170 per unit. Last year, investors paid an average of around $114,000 per unit for Southern Nevada apartment complexes, according to brokerage Colliers International.

Alpha Wave founding partner Jordan Fisher said in a statement that Las Vegas “is experiencing some of the fastest population and job growth in the country, making it an ideal locale for strategic investment.”

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

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