Tides Equities has acquired two Las Vegas communities totaling 725 units for nearly $143 million. The Midtown National Group sold the 557-unit AYA for $105.9 million, while Nitya Capital parted with the 168-unit Residence at Hargrove for $36.9 million. The new owner rebranded the properties as Tides at North Paradise and Tides at East Summerlin.
NorthMarq facilitated both transactions. Ready Capital provided acquisition financing for the smaller community, according to Clark County records.
Tides at North Paradise last traded in early 2019, when the current seller purchased it for $51 million from 3D Investments, according to Yardi Matrix data. Meanwhile, Tides at East Summerlin previously changed hands in late 2020, when Avenue North sold it for $23.4 million.
The new owner intends to reposition the two communities with a capital improvement plan totaling $13 million.
The two properties
Sitting on a 29-acre site at 3600 S. University Center Drive, Tides at North Paradise offers studios as well as one- to four-bedroom apartments with configurations averaging 867 square feet. The property encompasses 36 buildings completed in 1972.
Located at 6250 Hargrove Ave., Tides at East Summerlin features one- and two-bedroom units with floorplans averaging 795 square feet. The 1984-built community includes nine garden-style buildings across nearly 7 acres.
Within a mile of SeaQuest Las Vegas, Tides at North Paradise is some 4 miles south of downtown Las Vegas, while Tides at East Summerlin is less than 6 miles away from the city center and roughly 4 miles from North Las Vegas Airport.
Amenities at the two properties include play areas, laundry facilities, picnic and barbecue areas and swimming pools. Tides at East Summerlin also offers a pet station, while Tides at North Paradise has a basketball court, fitness center and game room.
A string of acquisitions across the Sun Belt
This latest purchases mark Tides’ thirteenth acquisition across Greater Las Vegas and the company’s 96th acquisition in the Western U.S. in the last six years. Last November, Tides Equities expanded its Phoenix footprint with the acquisition of three communities adding up to 590 units for a total of $120.2 million.
The company closed 2021 with a transaction volume exceeding $4.3 billion, representing 77 transactions for 21,000 units. The greater part of this marked acquisitions, for which Tides Equities set aside $3.4 billion.