CONTI Sells Dallas Community
NorthMarq arranged the sale and secured acquisition financing.
Tides Equities continues its expansion across the Sun Belt markets. The Los Angeles-based company has completed its 34th transaction in the Dallas-Fort Worth metro with the acquisition of Plaza del Lago, a 320-unit community in Dallas. CONTI Capital sold the garden-style property after four years of ownership, Yardi Matrix shows.
Taylor Snoddy with NorthMarq brokered the sale, just as Tides’ 32nd purchase in the metro, which had the same seller. NorthMarq also arranged the acquisition financing provided by a bridge lender, according to the brokerage firm.
Tides Equities plans to rebrand the 1982-built community at 3330 Webb Chapel Extension as Tides on Larga. As part of repositioning the Class B asset, the new owner also intends to implement an approximately $6 million capital improvements plan.
The pet-friendly community has 10 two- and three-story buildings across more than 6 acres. Tides on Larga offers one-bedroom units with configurations averaging 528 square feet, while the two-bedroom floorplans are temporarily unavailable.
Community amenities include a laundry facility, swimming pool with sundeck, sports court, barbecue and picnic area as well as a playground. The property is within walking distance of several shopping options, while Bachman Lake Park is less than a mile away and Dallas Love Field Airport is within 4 miles. Downtown Dallas is roughly 10 miles southeast, while the 109-unit Oak Creek is some 17 miles away. The latter is among the most frequently traded multifamily properties of the last decade, according to Yardi Matrix data.