Tides Equities has acquired two Fort Worth communities totaling 448 units. Both properties were previously owned by WRH Realty Services and received Fannie Mae financing in 2013, adding up to $7.9 million, according to Yardi Matrix data. The current owner will rebrand the garden-style communities as Tides on Avril and Tides on Westcreek, with plans to execute a capital improvement program to renovate both properties, for a total cost of $9.5 million.
Tides on Avril previously changed hands in 2007, when WRH bought the community from PWA Coalition of Dallas. Tides on Westcreek last traded in 2008 when MBS Cos. sold the property for $3.8 million, Yardi Matrix data indicates.
Institutional Property Advisors arranged the two current transactions.
The two communities
Tides on Avril was built in 1977 and spans on an approximately 8-acre site. The community encompasses 14 two-story buildings offering a mix of studio, one- and two-bedroom apartments, with an average size of 794 square feet.
Located at 8841 Avril Court N., Tides on Avril is approximately 10 miles from downtown Fort Worth and has access to Interstate 30 and Highway 820. Dining and retail options are available in the immediate area, along Camp Bowie West Boulevard.
Built in 1984 and spanning approximately 24 acres, Tides on Westcreek comprises 17 two-story buildings, in a mix of one- and two-bedroom apartments averaging 677 square feet.
Located at 6776 Westcreek Drive, the property is roughly 10 miles from downtown Fort Worth and has access to interstates 35 and 20. Dining and retail options are available in the surrounding area, along Altamesa Boulevard.
Both communities offer common-area amenities including swimming pools, clubhouses, barbecue areas, business centers and playgrounds, among others.
Tides on Westcreek and Tides on Avril represent Tides Equities’ 41st and 42nd acquisitions in the Greater Dallas area, respectively. The company has recently purchased a 288-unit downtown Dallas community, which will be the subject of a $4.3 million capital improvement plan.