Tides Equities Buys North Dallas Apartments
- Sep 09, 2021
Tides Equities has continued its expansion within Dallas with the acquisition of the 252-unit Lakewood Greens. The seller was AHC Funds, Dallas County records show.
The buyer secured acquisition financing of $42.4 million from Asia Capital Real Estate (ACRE), public records show. The new owner rebranded the property as Tides at Lakewood.
The asset last traded in 2014, when AHC purchased it from FPA Multifamily, according to Yardi Matrix data. The new acquisition retires three CMBS loans encumbering the property that were set to mature next year. The financing included an assumed loan in the amount of $13.2 million and two additional notes of $4.5 million and $3 million.
Tides at Lakewood
Located at 7150 E. Grand Ave., the community features one-, two- and three-bedroom apartments with floorplans ranging from 508 to 1,041 square feet. The 1986-built property has 17 two- and three-story buildings on a nearly 10-acre site.
Community amenities include a clubhouse, picnic and barbecue area, swimming pool, spa, fitness center and pet park. Tides at Lakewood is on the northern side of the Tennison Park Golf Course and borders the 4-mile Santa Fe Trail which connects the area to White Rock Lake. The Gaston Avenue retail corridor is 1 mile north, and downtown Dallas is 5 miles to the southwest.
This deal is only the latest in a flurry of transactions involving Tides Equities. The value-add investor has acquired more than 25 multifamily assets in the Sun Belt this year alone, including major investments around Dallas and in Phoenix.