Las Vegas Community Commands $101M
Northmarq arranged the transaction of the 366-unit asset.
Tides Equities has acquired St. Andrews Club, a 366-unit community in Las Vegas, for $100.8 million. According to Yardi Matrix data, the previous owner was Great American Capital. Vice President Thomas Olivetti of NorthMarq arranged the current transaction.
Tides Equities will rebrand the property as Tides on Commerce and the asset is slated for a $7.3 million capital improvement plan.
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Built in 2000 and located on 19.2 acres, the 42 two-story buildings offer one-, two- and three-bedroom apartments, averaging 916 square feet. Common-area amenities include a swimming pool, fitness center, clubhouse, business center, spa and playground.
Located at 4249 N. Commerce St., the property is 5.5 miles from downtown Las Vegas, 2 miles from Interstate 15 and just south of Craig Ranch Regional Park. Dining and retail options are available in the immediate area, along Craig Road.
Tides on Commerce marks the company’s 22nd acquisition in the Greater Las Vegas area and the 131st in Western U.S. since 2016. Prior to this, Tides Equities’ most recent Las Vegas buy was Tides on Valley View, a 216-unit community.