Tides Equities Buys AZ Property for $40M
- May 17, 2019
Tides Equities has acquired Modern on the Rail, a 488-unit garden-style community in Phoenix, for $39.8 million. Berkadia arranged the sale on behalf of the seller, California-based Modern Residential Co. The company bought the property in 2017 in a partnership with Henley USA for $24.7 million, Yardi Matrix data shows. The joint venture has also sold a property in the suburb of Peoria.
Situated at 1905 W. Las Palmaritas Drive, Modern on the Rail is near Interstate 17, around 10 miles from downtown Phoenix and within 14 miles of Phoenix Sky Harbor International Airport. Additionally, the property is positioned within a 10-minute walk of the Northern/19th Avenue Light Rail Station which offers access to both downtown and the city’s airport.
The 27-building community was built in 1979 and comprises a mix of studio, one-, two- and three-bedroom floor plans, averaging 488 square feet. Communal area amenities include a laundry care center, five swimming pools, a picnic and barbecue area, a tennis court and a playground. Besides these, the buyer plans to renovate and reposition the property to bring more value to it, according to the brokerage company.