Suburban Phoenix Property Changes Hands for $72M
Avanti Residential sold the 264-unit community in Goodyear, Ariz., after three and a half years of ownership.
Tides at Palm Valley. Image courtesy of CBRE
Tides Equities has acquired Tides at Palm Valley in Goodyear, Ariz., for $71.8 million. Avanti Residential sold the 264-unit property after three and a half years of ownership. According to Yardi Matrix data, the community last traded for $41 million.
Previously known as Palm Valley, the 1997-built property is located at 1891 N. Litchfield Road and features one-, two- and three-bedroom rental units. Community amenities include two pools and spas with covered cabanas, a fitness center, a basketball court, a clubhouse and a business center. Additionally, within the community there are barbecue and picnic areas, as well as a playground.
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Located just north from Papago Freeway, the asset is surrounded by a variety of dining venues. The Palm Valley Golf Club is less than half a mile to the north.
Vice Chairmen Tyler Anderson and Sean Cunningham of CBRE’s Phoenix Multifamily Institutional Properties, along with Executive Vice Presidents Asher Gunter and Matt Pesch, were part of the team that facilitated the deal on behalf of the seller.
The purchase came on the heels of Tides Equities paying $30 million for another Phoenix-area property. A few days ago, the company purchased Tides at 51st Ave., formerly owned by Tower 16 Capital Partners.
Goodyear’s multifamily fundamentals are among the best in Phoenix, according to a prepared statement from Cunningham. Last year, Avondale/Goodyear posted the highest net absorption of all submarkets in the metro, with 1,487 units. Additionally, occupancy rates skyrocketed to 96.7 percent in the first quarter of 2021, per CBRE data.
