ZMR Capital Closes $41M Phoenix Acquisition
- Jun 03, 2021
ZMR Capital has acquired Tides on 25th, a 240-unit community in Phoenix. Newmark arranged the $40.6 million transaction on behalf of the seller, Tides Equities.
Located at 15620 N. 25th Ave., the property features a mix of one- and two-bedroom units. Completed in 1975, the asset recently underwent a renovation program.
Roughly 30 percent of the units were refurbished and include in-unit washers and dryers, vinyl wood plank flooring, stainless steel appliances, cabinetry and lighting and plumbing fixtures. Common area amenities encompass a bark park, playground, fitness center, swimming pool, picnic area with barbecues, basketball court and spa.
Tides on 25th provides access to Interstate 17 and Arizona State Route 101. Additionally, the community is located adjacent to Deer Valley, one of the largest business hubs in the metro area.
Newmark Senior Managing Director Brett Polachek, Executive Managing Director Brad Goff and Managing Director Chris Canter brokered the deal, which is among ZMR Capital’s first acquisitions in metro Phoenix. Late last month, the company purchased District Flats Off Dobson Apartments in Mesa, Ariz. The 112-unit property changed hands for $18.2 million.