Tides Equities continues to expand in Phoenix. The company closed three properties totaling 590 units for a combined sale price of $ 120.2 million. Institutional Property Advisors facilitated the sale of 137 Tides units on West Dunlap, while Newmark handled the sale of 179 Tides units on East Cactus and 274 Tides units on McDowell.
These purchases marked a significant milestone for the company, with Tides surpassing 50 sales in the Greater Phoenix area.
“Tides has remained active in the Phoenix market for the past two years. This year alone, we acquired 19 properties in the Phoenix MSA, representing a transaction volume of approximately $ 1.2 billion, ”said Sean Kia, co-founder and director of Tides Equities. Multi-dwelling news.
The 137-unit community, formerly known as Villa Serena, sold for $ 32 million. According to Yardi Matrix, ZH Multifamily was the former owner of the asset. The same data provider shows Tides bought the bulk of Prospect Ridge’s three assets, for $ 59.6 million. Tides paid $ 28.6 million for the community of 179 units, which was previously known as Sierra Grande.
The new owner intends to invest a total of $ 13 million in capital improvements on all properties.
Tides on West Dunlap spans 5 acres at 4221 W. Dunlap Ave. and offers one- and two-bedroom floor plans averaging 859 square feet. Tides on East Cactus is located at 2645 E. Cactus Road in northeast Phoenix and offers studio and one-bedroom units. Located at 4620 W. McDowell Road, Tides on McDowell features two-bedroom units averaging 607 square feet.
All three properties have a range of amenities, including swimming pools and laundry facilities. Some communities also have picnic and barbecue areas, business centers, lodges, spas, fitness centers or playgrounds.
Favorable market conditions continue to stimulate demand in the Greater Phoenix area. Preliminary BLS data shows unemployment hit 3.8% in September, down 90 basis points month-over-month. Robust population growth not only supports rent increases, but also attracts investors.
“Tides continues to believe in the short and long term growth of Phoenix as it is expected to lead the country in terms of job growth over the next several years and is further aided by the growing demand for Millennials and Generation Z move to Sun Belt cities, ”said Ryan Andrade, co-founder and director of Tides.