Tides Equities Buys Phoenix Community for $57M
- Jul 15, 2019
A prolific buyer of multifamily assets throughout Phoenix has notched another deal in the Arizona capital by acquiring a 436-unit community in the Deer Valley industrial corridor for $56.7 million. Tides Equities acquired the property, Park at Deer Valley Apartments, from a private investor named Billah Khan.
NorthMarq arranged the deal, with Trevor Koskovich, Bill Hahn and Jesse Hudson of the Phoenix investment sales team representing both the buyer and the seller. James DuMars and Griffin Martin of NorthMarq’s debt/equity team arranged a $49.1 million bridge loan for the acquisition.
Built in 1984, the property is located at 17425 N. 19th Ave. in northern Phoenix. The community consists of 33 buildings of two stories, featuring studio, one- and two-bedroom apartments. Amenities include two swimming pools, five playgrounds, multiple sport courts and a dog park. The property is 95 percent occupied, according to Yardi Matrix data.
Tides Equities is one of the most aggressive buyers of apartments in Phoenix, where it currently owns at least 14 multifamily properties totaling 3,392 units. In May, the company picked up Modern on the Rail, a 488-unit community at 1905 W. Las Palmaritas Drive, for $39.8 million. And in January, the company paid $29.6 million to acquire the 181-unit Solstice at Arcadia Apartments, located at 5401 E. Thomas Road.