East Phoenix Community Changes Hands for $34M
July 27, 2021
Tides Equities has sold the 155-unit Tides on 50th in Phoenix to Arizona-based 3rd Ave Investments, for $34.3 million. ABI Multifamily worked on behalf of both the buyer and the seller.
The property last traded less than three years ago, when the current seller acquired it from Mentor Properties for $21 million, Yardi Matrix data shows.
The 1979-built property located on roughly 5.5 acres encompasses a mix of 12 garden-style and single-story buildings which were refurbished in 2020-2021. The studios and one- and two-bedroom units average 624 square feet.
Located in the Arcadia submarket of Phoenix, the asset is situated at 5008 E. Thomas Road, east of the Old Cross Cut Canal. Central Scottsdale is within 4 miles, while downtown Phoenix is 8 miles southwest.
Apartments include air conditioning, walk-in closets, vertical blinds, ceiling fans, carpeted and vinyl-wood flooring. Kitchens are all-electric and have a refrigerator and oven. Additionally, there are incorporated washer and dryers, as well as dishwashers and microwaves in select units. Community amenities include a swimming pool, spa, fitness center, as well as dog park and leasing center. Covered and open parking is also available.
Senior Partners Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based group arranged the disposition of the asset. Recently, the same team arranged the acquisition of a value-add community in North Central Phoenix. The 161-unit City 15 Apartments sold for $32.3 million.