Exclusive: Phoenix Community Sells at Sharp Discount
Just three years ago, the property traded for $26.5 million more.
Next Wave Investors has acquired The Avi, a 196-unit multifamily community in Tempe, Ariz., for $40 million, according to Yardi Matrix.
Tides Equities sold the property at a significant discount, compared to the $66.5 million the company paid in 2022 when the asset previously changed hands, the same source shows.
The new ownership picked up the The Avi through an auction as the highest bidder, according to Maricopa County records.
Next Wave Investors also secured a $55 million loan from ACRES Capital, a lender that previously issued a $55.8 million acquisition loan for Tides Equities, back when the current seller purchased this property.
Located at 1235 W. Baseline Road, the 9-acre property has access to Interstate 10 and U.S. Route 60. Downtown Phoenix is less than 13 miles northwest, while Phoenix Sky Harbor International Airport is 6 miles away.
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The Avi includes 18 two- and three-story buildings with one- to three-bedroom units, ranging from 720 to 1,500 square feet. Apartments include private balconies or patios, storage space, walk-in closets and washers and dryers. Common-area amenities feature a fitness center, a clubhouse, a business center, a swimming pool, a dog park and 421 vehicle parking spots.
Next Wave Investors currently owns three multifamily assets in metro Phoenix, with another one of them bought from Tides Equities, according to Yardi Matrix. In October 2024, the firm also paid another $40 million to Tides Equities for The Madery, a 262-unit property in Tempe.
More recently, in September, Next Wave purchased Ascension at Manistee Ranch for $23.5 million. The 71-unit multifamily property in Glendale, Ariz., came online in 2025.
Phoenix transaction activity picks up
The multifamily transactions volume in Phoenix clocked in at $3.7 billion year-to-date as of October, with 69 sales closing and 14,379 units involved, according to Yardi Matrix data. Investor activity increased compared to the same period last year, when the metro recorded nearly $3.1 billion across 54 deals, for a total of 12,526 units. However, the average per-unit price decreased from $277,377 to $267,934, marking a 3.4 percent year-over-year slide.
Earlier this week, Millburn & Co. purchased Echo Biltmore, a 215-unit community in the Phoenix submarket of East Uptown. Wood Partners sold the asset for $71.3 million.
