Tides Equities Buys 1,228 Units Across DFW

Posted on
September 16, 2021
Tides Equities Buys 1,228 Units Across DFW

Tides Equities continues to grow its Dallas-Fort Worth footprint with the acquisition of four communities totaling 1,228 units in Dallas and Irving, Texas. This latest streak marks the company’s 21st purchase within the greater Dallas area as well as its 72nd acquisition in the Western U.S. since 2016.

“We are drawn to the fundamental data in the greater DFW market. The job growth, wage growth, and rent growth projections are among the best in the nation,” Sean Kia, co-founder & principal of Tides Equities, told Multi-Housing News.

Tides Equities closed on the 357-unit Tides on Ranchview in Irving, the largest of the four assets, at the end of August. By early September, the company also acquired three North Dallas assets: the 322-unit Tides on McCallum South, the 252-unit Tides at Lakewood and the 297-unit Tides on McCallum North.

For its newest properties, the owner secured a total of $177.6 million in acquisition financing from four different lenders, public records show. The financing packages included $69.5 million from LoanCore Capital, $42.4 million from Asia Capital Real Estate, $33.7 million from ACRES Capital and $32 million from Argentic. Part of the funding will be used to rebrand and renovate the four communities.

Following each purchase, the company rebrands the properties by upgrading community exteriors. The capital improvement plans also extend to updating amenities and renovating interiors.

In 2021, Tides Equities completed 42 transaction that included more than $1.7 billion in acquisitions and $460 million in dispositions, a company representative told MHN.

THE METROPLEX ON TOP
Multifamily continues to be one of the best-performing asset classes in commercial real estate, and Dallas-Fort Worth is one of the country’s most dynamic metros. Increase in demand continues to go hand in hand with development. As of July, metro Dallas led the country for units delivered year-to-date, according to Yardi Matrix. The Metroplex also leads the way for apartments under construction, with more than 47,000 units underway.

Dallas is also among the most active metros when it comes to transaction volume, with nearly $4.5 billion in rental assets changing hands the first half of 2021, Yardi Matrix data also shows. Sales in the top five markets amounted to $18.5 billion, and Dallas ranked second only to Phoenix nationwide.

TWO CITIES, FOUR PROPERTIES
The only asset in Irving of the four recent transactions, Tides on Ranchview, is located at 8203 Ranchview Drive. The two sister properties, Tides on McCallum South and Tides McCallum North, are placed at 7720-7760 McCallum Blvd. in Dallas, while Tides at Lakewood is roughly 20 miles away, at 7150 E. Grand Ave.

Tides on Ranchview is both the largest and the most recent community that traded, built in 1999, while the other three were constructed in the late 1980s. All four properties are amenity-rich and feature swimming pools and clubhouses, with some of them also offering basketball and volleyball courts, barbecue and picnic areas and fitness centers.

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