Tides Equities Closes $95M Phoenix Buy
Colliers International brokered the deal, which comprises three properties that will undergo $12 million in renovations.
Multifamily industry value-add specialist Tides Equities has closed escrow on the acquisition of a three-property portfolio near Phoenix. The properties acquired, Red Sage, The Perry and Serena Park, offer a total of 466 units. The $95 million transaction was brokered by Colliers International’s Brad Cooke.
Situated at 5704 W. Thomas Road in Phoenix, Red Sage is a 156-unit garden-style apartment community completed in 1986. Situated on a 5.4-acre land parcel, Red Sage features a blend of one- and two-bedroom layouts averaging 673 square feet in size. A barbecue with picnic area is among the most notable common-area amenities.
Located at 6231 N. 67th Ave. in the Phoenix suburb of Glendale, Ariz., The Perry has 148 units in a mix of one- and two-bedroom floor plans averaging 805 square feet.
A pet play area is among the leading amenities of the apartment community. The Perry is well situated near major transportation arteries. Its location also puts residents no more than 3 miles from the Westgate Entertainment District, home to both the NFL’s Arizona Cardinals football team and the NHL’s Phoenix Coyotes hockey team.
Bearing an address at 8546 N. 58th Ave., in the heart of Glendale, Serena Park features 142 residences in a mix of studio, one-bedroom and two-bedroom layouts measuring approximately 500, 700 and 900 square feet respectively. A large swimming pool is among the prominent common-area amenities of Serena Park. The location of the apartment community ensures residents are less than a mile from Glendale Community College, which enjoys a yearly enrollment of more than 6,000 students.
Each of the properties is situated in the Phoenix Metro Area’s West Valley submarket, of which Tides Equities is exceptionally familiar.
The assets will be rebranded as The Tides on West Thomas, The Tides on 59th and The Tides on 67th.
Collectively, they will benefit from $11.5 million in renovations and upgrades. Last month, Tides Equities continued its Dallas-Fort Worth Metroplex incursion with the acquisition of a three-property multifamily portfolio in the metro.