The Avi is a 196-unit multifamily community located at 1235 West Baseline Road in Tempe, AZ. It was sold for $40 million, reflecting a significant discount from the previous sale price of $66.5 million paid by Tides Equities in 2022. The property transaction was facilitated through an auction and involved a loan amount of $55 million from ACRES Capital to secure the acquisition.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $40,000,000
• Buyer: Next Wave Investors
• Seller: Tides Equities
• Lender: ACRES Capital
• Units: 196
• Price Per Unit: $204,082

This transaction marks an expansion of Next Wave Investors' portfolio in the Phoenix area, bringing their total properties in the region to three. The acquisition of The Avi demonstrates their strategic interest in the multifamily sector following their recent financing arrangements.