Tides Equities Expands Phoenix Footprint With $123M Buy
January 21, 2022
Tides Equities continues its Western U.S. expansion with the acquisition of three communities totaling 521 units for a combined $122.5 million in Greater Phoenix. Pro Residential received a little under $51 million for a 256-unit property now rebranded as Tides on 44th. The buyer also paid $71.5 million for two communities that sold as a portfolio: the 113-unit Southern Ridge and Rancho Palos Verdes totaling 152 units in Mesa, Ariz., now rebranded as Tides on Gilbert West and Tides on Gilbert East.
NorthMarq arranged the Phoenix transaction and Berkadia facilitated the portfolio sale. Tides Equities plans to reposition the three assets with a capital improvements plan totaling approximately $11.5 million.
Tides on 44th, formerly known as Cove on 44th, last traded in late 2014, when the current seller paid $7.8 million to SAFCO Capital, Yardi Matrix data shows. Pro Residential financed that transaction with a 10-year $5.8 million acquisition loan originated by Opus Bank.
Tides on Gilbert West came under new ownership previously in 2014 as well, when Vestis Group sold the community for $6.5 million. Tides on Gilbert East formerly traded in 2018 for $9.8 million.
The recently acquired trio:
Tides on 44th at 4030 N. 44th Ave. features 10 studios along with 246 one-bedroom apartments spread across 13 buildings on slightly more than 8 acres. The 134,400-square-foot community was completed in 1983 and features floorplans averaging 525 square feet. Community amenities include a clubhouse, two swimming pools, a fitness center, a tennis court, a sports court and a barbecue and picnic area, among others.
Both Tides on Gilbert West at 214 N. Gilbert Road and Tides on Gilbert East at 225 N. Gilbert Road offer one- and two-bedroom units, with the latter also including studios. Built in the late 1980s, the duo encompasses configurations that range between 576 and 1,044 square feet. While the two pet-friendly and amenity-rich communities have clubhouses, spas, swimming pools, barbecue areas and more, Tides on Gilbert West also features a pet park.
Tides on 44th is within walking distance of several shopping and dining options and less than 3 miles away from Grand Canyon University. Downtown Phoenix is roughly 6 miles southeast, while the North Mesa properties are some 23 miles east of the city center. The adjacent communities are within 6 miles of Falcon Field Airport and less than 3 miles away from Mesa Amphitheatre.