Tides Equities Pays $197M for Las Vegas Communities
October 26, 2021
Tides Equities continued its expansion in Las Vegas with the purchase of three properties totaling 924 units from two different sellers, Avenue North and Nitya Capital. The buyer paid a combined $197.3 million for the 180-unit Tides on West Cheyenne in Northwest Las Vegas, followed by two properties in West Las Vegas: the 228-unit Tides on Duneville and the 516-unit Tides on Charleston.
NorthMarq facilitated all three transactions, with Vice President Thomas Olivetti leading the team.
Tides Equities currently owns a Las Vegas multifamily portfolio valued at $338 million and plans to spend another $325 million expanding in the MSA by year-end, a company representative told Multi-Housing News.
According to a recent Colliers report, metro Las Vegas vacancy dropped to 2.5 percent as of the third quarter of 2021, a 120-basis-point drop year-over-year. During the same period, a total of 4,389 units traded across the market, with a transactions volume exceeding $886 million.
Avenue North sold Tides on West Cheyenne, formerly known as Yardz on West Cheyenne, for $37 million. The new owner financed the purchase with a $34.4 million acquisition loan originated by Asia Capital Real Estate, Clark County records show.
Nitya Capital sold the two West Las Vegas properties. Tides on Duneville traded for $50.3 million, while Tides on Charleston brought $110 million for the seller. Tides Equities secured a $45.5 million mortgage funded by Argentic for the former, while Arbor Realty Trust provided acquisition financing for Tides on Charleston, according to public records.
A capital improvements program totaling $20 million is underway, with plans to renovate and upgrade all three Class B properties built between 1980 and 1986.
THE THREE PROPERTIES
Tides on West Cheyenne sits on more than 9 acres at 5507 W. Cheyenne Ave. The property features two-bedroom apartments with floorplans averaging 940 square feet. Tides on Duneville, at 5050 Duneville St., provides one- and two-bedroom units, while Tides on Charleston at 6501 W. Charleston Blvd. also provides a three-bedroom option. The latter also features larger configurations, with floorplans averaging 856 square feet, while floorplans at Tides on Duneville average 837 square feet.
The trio of amenity-rich communities feature a total of six swimming pools along with clubhouses. Some of the properties also offer dog parks, fitness centers, movie theaters, basketball courts and barbecue areas.
The latest in a streak of Las Vegas purchases, the acquisition of Tides on Charleston marks the company’s eighth acquisition in the metro. The deal was preceded by Tides Equities closing on a 225-unit community; the buyer paid more than $35 million for Tides at Spring Mountain.