Investors are targeting Las Vegas, Salt Lake City and Phoenix, but how do these growing markets compare? All three markets are positioned for long-term growth, but they aren't seeing the same growth fundamentals. Job growth and population growth are factors across the three markets, but investors are paying close attention to the differences.

"All three markets have strong potential for long-term growth," Jordan Fisher, principal at Next Wave Investors, tells GlobeSt.com. "By deepening our foothold in these key markets, we can continue to execute on our strategy, through which we target opportunistic and value-add multifamily investments in strong secondary markets throughout the Western U.S."

Next Wave recently acquired properties in all three markets, which included entry into Phoenix. "The Phoenix market is exceptionally strong," says Fisher. "We see tremendous opportunity there based on the market's high-quality job growth, which is fueling demand for appropriately priced and well-maintained multifamily housing."