Next Wave Investors has acquired 380 apartment units in Phoenix, Salt Lake City and Las Vegas. The value-add investment firm is bullish on these secondary Western US markets, which have shown significant growth in recent years and have become a good late-cycle play. Next Wave is bullish on these three markets because of that recent growth and the future growth potential.

"All three of these markets are high-growth. Utah and Nevada recently tied as the number one states for job growth in the US, while Arizona's job growth is second in the nation, led by growing industries such as tech, bioscience, manufacturing, and healthcare," Jordan Fisher, a principal at Next Wave Investors, tells GlobeSt.com. "By investing in these markets now, we are able to leverage these growth fundamentals and establish economies of scale through streamlined management."

For Next Wave specifically, these markets are not only a good fit for the firm and its investment strategy but also for operations and management of the asset. "We can easily get to them. Rather than passively managing assets, Next Wave is high-touch in our management strategies, meaning we are physically visiting every property we own at least once each week," says Fisher. "Our investors value our role as active managers, and see tremendous benefits from this strategy."