Tides Equities has closed on the $132 million recapitalization of one of its Phoenix properties, The Tides on Country Club in Mesa, Ariz. The company acquired the 582-unit community in 2020 from Investcorp, for $83 million, according to Yardi Matrix data. The property then became subject to a $66.4 million CMBS loan originated by NorthMarq Capital and held by Wells Fargo, the same data provider shows. Since it last traded, The Tides on Country Club underwent a $5.5 million renovation and upgrade program.
Built in 1986, the community is located at 901 S. Country Club Drive and encompasses studio, one- and two-bedroom units between 418 and 759 square feet. Common-area amenities include a fitness center, a tennis court, two swimming pool, a spa center, a renovated clubhouse, a dog park, laundry facilities and 910 parking spots.
The 26-building property is situated on a 17-acre lot, between Arizona Museum of Natural History and Superstition Freeway, 6.6 miles from downtown Gilbert and 8.2 miles from downtown Tempe. The Tides on Country Club is close to major employers such as Banner Health, The Boeing Co., Wells Fargo and Arizona State University.
Phoenix ranked first among Western Markets for multifamily investment volume in the first quarter of 2022, with transactions totaling $2.5 billion. Tides Equities continues to be a very active buyer in the Sun Belt. One of the company’s high-profile moves this year was the acquisiton of the 1,012-unit Del Mar Terrace in Phoenix, which traded for $255 million. Tides Equities partnered with CIM on that deal.