Tides Equities Pays $36M for Las Vegas Community
- Sep 28, 2021
Tides Equities has acquired Tides at Spring Mountain, a 225-unit community in Las Vegas, for $35.5 million. 3D Investments sold the property, formerly known as Orion Apartments, in a transaction facilitated by NorthMarq.
The community last traded in 2016, when the current seller paid $12.8 million, according to Yardi Matrix. The price nearly tripled, with the per-unit figure going from $56,889 to $157,778.
According to Clark County records, Bedrock Capital Associates provided the acquisition loan for Tides Equities’ fifth purchase in the Greater Las Vegas area. The buyer plans to invest $4 million into capital improvements, which will include upgrades to community amenities as well as renovating unit interiors and rehabilitating the exterior.
Located on more than 2 acres at 3650 Stober Blvd., the garden-style property features one- and two-bedroom apartments with floorplans averaging 752 square feet. The 1981-built community encompasses 16 two-story buildings.
Tides at Spring Mountain provides a business center, a clubhouse, two swimming pools, a spa, a play area, a barbecue area along with a dog park.
Within 2 miles of the Las Vegas Strip, the property is surrounded by several shopping and dining options. Tides at Spring Mountain is some 6 miles southwest of downtown Las Vegas, while McCarran International Airport is 5 miles away.
The transaction marks Tides Equities’ 73rd acquisition in the Western U.S. since 2016. The deal was preceded by a streak of acquisitions in the Dallas-Fort Worth market that added 1,228 units to the company’s portfolio.