Tides Equities continues its acquisition spree with the $37.3 million purchase of Skyline Parc, a 191-unit community in Las Vegas. Laguna Point Properties sold the garden-style property, which is within an Opportunity Zone in The University/The Strip submarket, Yardi Matrix data shows. The new owner will rebrand the community as Tides on Cambridge.
ACRES Capital Corp. provided acquisition financing for Tides’ 19th acquisition in Greater Las Vegas, Clark County records show. Based on Yardi Matrix data, the property last traded in late 2019, when the current seller paid $18.5 million for the community at 3675 Cambridge St. Laguna Point Properties financed that purchase with a $17.2 million loan originated by Thorofare Capital.
Tides Equities plans to reposition the Class B asset through a capital improvement plan totaling nearly $4.3 million. Completed in 1972, Tides on Cambridge encompasses 19 two- and three-story buildings across less than 5 acres. The property offers one- and two-bedroom floorplans, with configurations averaging 803 square feet.
Molasky Family Park and several shopping and dining options are within walking distance from the community, while the University of Nevada Las Vegas is some 2 miles away. Downtown Las Vegas is less than 4 miles north.
A continued expansion
The current purchase represents Tides’ 120th acquisition in the Western U.S. since 2016. In March, four other multifamily properties traded within a 5-mile radius of Tides on Cambridge, according to Yardi Matrix data. Investors shelled out approximately $173.9 million for the four assets totaling 947 units.
In early April, Tides Equities paid $41.5 million for Tides at Desert Pointe, a 208-unit community in Paradise, Nev. Recently, Tides paid a combined $169.8 million for the Enclave, Buena Vida on Palms and Maravilla totaling 787 units in Las Vegas. CBRE and Cushman & Wakefield facilitated the transactions.
That same week, the Los Angeles-based company completed three acquisitions across Dallas, snapping up the 340-unit Firefly, the 117-unit Foxglove as well as the Overlook Ranch encompassing 580 units.