Tides Equities has finalized its third acquisition in Greater Austin with the purchase of MARQ at Mueller, a 181-unit community in Austin’s Capital Plaza submarket. Cooper Street Capital sold the asset for $30 million, Yardi Matrix shows. Walker & Dunlop brokered the transaction.
According to the same data provider, the garden-style property last traded in early 2019. The current seller financed that purchase with a 5-year, $17.3 million loan originated by The Bancorp Bank.
MARQ at Mueller marks Tides’ 112th purchase in the Western U.S. in the last six years. The Los Angeles-based company’s asset acquisition strategy is mainly aimed at value-add opportunities as well as workforce housing in high-growth secondary markets such as Dallas-Fort Worth, Phoenix and Las Vegas.
As with every other purchase, Tides Equities rebranded the 1969-built property, as Tides at Mueller, and plans to reposition it through an approximately $4.5 million capital improvement plan.
A value-add property
Tides at Mueller includes nine two-story buildings across 5.1 acres. Located at 5700 Cameron Road, the pet-friendly community features one- and two-bedroom units with floorplans averaging 717 square feet. The property has a swimming pool, playground and barbecue and picnic area, while apartment amenities include in-unit washers and dryers and quartz countertops along with stainless steel appliances, among others.
The community is within walking distance of several shopping, dining and entertainment options and within a mile of Interstate 35. The University of Texas at Austin is less than 4 miles away, while downtown Austin is roughly 5 miles southwest. Aura Thirty2, one of Greater Austin’s largest multifamily projects delivered last year, is some 2 miles away.