Tides Equities Buys DFW Community
JLL Capital Markets arranged the deal for the 228-unit downtown property.
Tides Equities has acquired Chelsea on Southern, a 228-unit community in downtown Dallas. The seller of the Class B property was Sunset Group, according to Yardi Matrix data. JLL Capital Markets facilitated Tides’ 38th purchase in the Dallas-Fort Worth metro.
The new owner will rebrand the property as Tides at Midtown and will also reposition the asset through a $4.3 million capital improvement plan.
Based on Yardi Matrix data, the garden-style community last traded in mid-2019 when the current seller acquired it from AHC Funds. Sunset Group funded that purchase with a $22.9 million seven-year CMBS loan originated by HFF, which was bought by JLL in mid-July 2019.
Completed in 1998, Tides at Midtown at 5838 Southern Blvd. has studios as well as one- and two-bedroom units with floorplans averaging 909 square feet. The community encompasses a single four-story building across 2.5 acres.
The pet friendly community features a swimming pool, barbecue areas, a pet park, laundry facilities, a clubhouse, a business center and a newly updated fitness center.
Tides at Midtown is within walking distance of the Noel Road retail corridor, roughly a mile away from Bert Fields Park and less than 3 miles from Dallas College Brookhaven Campus. Downtown Dallas is 12 miles south.
The current acquisition marks Tides’ 122nd purchase in the Western U.S. since 2016. The JLL team that brokered the transaction includes Managing Director Rob Key and Director Caroline Scruggs. In April, Tides paid more than $37 million for Skyline Parc, a 191-unit community in Las Vegas.