Tides Equities Buys North Dallas Community
NorthMarq brokered the buyer's 32nd purchase in the metro.
Tides Equities continues its expansion in Dallas with the acquisition of Tides at North Dallas, totaling 232 units in the Richardson submarket. CONTI Capital sold the 136,272-square-foot community, formerly known as Grove at Rosewood. NorthMarq facilitated the deal, which was Tides’ 32nd purchase in the Greater Dallas area.
Tides at North Dallas last traded in early 2018 as part of a two-property portfolio with the 194-unit Preston Wood in Richardson, Texas, Yardi Matrix data shows. Back then, CONTI Capital financed the purchase of the Dallas asset with a 10-year, $12.5 million Fannie Mae loan originated by Greystone.
Tides’ investment strategy includes the rebranding and repositioning of the properties acquired. When it comes to Tides at North Dallas, the company plans to spend $5.5 million on capital improvements.
Built in 1980, the 11-building, three-story community sits on nearly 6 acres at 13250 Emily Road and encompasses 216 one-bedroom and 16 two-bedroom units, with floorplans averaging 587 square feet. The property offers in-unit washers and dryers along with fireplaces in select units. Community amenities include a swimming pool, fitness center, barbecue and picnic area and clubhouse.
Tides at North Dallas is located just off the U.S. Highway 75 and Interstate 635 interchange, also known as The High Five Interchange, one of the first five-level stack interchanges built in the city. Dallas College Richland Campus is some 3 miles away, Galleria Dallas is less than 4 miles away, while downtown Dallas is roughly 11 miles south.
A strong multifamily sector in DFW
The Metroplex is topping the leading metros for multifamily units delivered in 2021. Last year 350,000 multifamily units came online nationwide, and developers across the Dallas-Fort Worth metro delivered 24,635 units in the same time frame, representing 3 percent of its total inventory. DFW unemployment continued to drop, reaching 3.6 percent in December, 30 basis points below the national average, according to preliminary BLS data.
Taylor Snoddy with NorthMarq brokered the sale, just as Tides’ previous acquisition in the Dallas-Fort Worth metro. The current purchase also marks the company’s 106th acquisition in the Western U.S. in the last six years. In January, Tides acquired two Las Vegas communities, totaling 725 units, for $143 million.