Tides Equities Extends Phoenix Shopping Spree
- Aug 29, 2019
Tides Equities is continuing its acquisition spree in Phoenix by scooping up 380-unit community The Edge for $57.3 million, bringing the company’s portfolio in the Arizona capital to 16 multifamily assets.
Baron Properties sold The Edge, having bought it from Hamilton Zanze & Co. for $34 million in 2007, according to Yardi Matrix. A CBRE team of Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller in the latest deal, with colleagues Brian Eisendrath and Cameron Chalfant arranging financing on behalf of the buyer.
Built in 1987, The Edge is located at 15202 N. 40th St., nearby East Greenway Road and with access to Route 51 and 101 and Interstate 17. The 16-building, two-story property provides 44 studios, 168 one-bedroom and 168 two-bedroom units. Amenities include two swimming pools and spas, a 24-hour fitness center and clubhouse. Many of the units have oversized private patios.
Baron Properties successfully renovated most of the units and repositioned the property to perform well in the nothern Phoenix submarket, according to a statement by CBRE. Tides Equities plans to extend the existing renovation program to further add value to the asset.
Ramping up in Arizona
The Edge is located less than 7 miles down the road from Greenway Springs, a 240-unit Class C community that Tide Equities picked up this month from Rae & Associates, with plans to invest $5 million in capital improvements.
That purchase came after the firm’s acquisition of Park at Deer Valley Apartments, a 436-unit community in northern Phoenix that has since been renamed Tides at Deer Valley. Tides Equities paid $56.7 million to acquire the 33-building property from a private investor in June.
Tides Equities also added Modern on the Rail, now Tides on Rail, a 488-unit community in the suburb of Scottsdale, to its portfolio for $39.8 million in May. And last December, the company snapped up Solstice at Arcadia Apartments, a 181-unit Phoenix property, for $26.6 million. The community, now dubbed The Tides at East Arcadia, is located alongside the Black Canyon Freeway, north of downtown.