An entity of Next Wave Investors has acquired a 96-unit apartment complex in Phoenix from a local developer for $13 million. The purchase marks the investors formal entry into the market.

La Estrella Vista is a garden-style apartment community featuring three-bedroom, two-bath units averaging 1,120 square feet. The property was built in two phases in 2008 and 2014 and is made up of 24 four-plex buildings.

ABI Multifamily's Alon Shnitzer, Doug Lazovick, John Kobierowski, Rue Bax and Eddie Chang represented both parties in the transaction, with Shnitzer serving as lead broker for the buyer and Lazovick as lead for the seller.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.