Tides Equities Continues DFW Expansion
The three-community portfolio acquisition encompasses a total of 966 units.
Belterra
Tides Equities has completed a three-community multifamily portfolio acquisition totaling 966 units in Dallas-Fort Worth. Institutional Property Advisors, a division of Marcus & Millichap, brokered the deal on behalf of the seller, The ValCap Group, also procuring the buyer.
The deal encompassed the 314-unit Belterra and the 220-unit Estancia, both located in Richardson, Texas, together with the 423-unit Solaris community, in Dallas’ Lake Highlands neighborhood. Tides Equities acquired the Dallas asset—to be rebranded as Tides on Leisure—back in September and recently closed on the other two transactions, according to Dallas County records. Both Richardson communities were subjects to $34.6 million acquisition loans, funded by MassMutual, the same source shows.
The purchase of the Richardson assets marks Tides’ 47th acquisition in the greater Dallas area. Belterra will be rebranded as Tides at Whispering Hills, while Estancia will be known as Tides on Lawler East. The new owner plans to invest a combined $12.3 million in renovations and upgrades at the two properties.
IPA’s brokerage team included Senior Vice Presidents Taylor Hill, Joey Tumminello and Michael Ware, along with Executive Managing Directors Drew Kile and Will Balthrope.
Value-add investments
Estancia
Built in 1982 at 13015 Audelia Road, the garden-style Belterra property comprises a mix of one- and two-bedroom floorplans, averaging 584 square feet, across 21 buildings. Common-area amenities include two pools, three on-site laundry facilities and covered parking.
Situated at 13030 Audelia Road, the neighboring 27-building Estancia came online one year before Belterra and offers one-, two- and three-bedroom floorplans, with an average unit size of 934 square feet. An outdoor kitchen, a community garden and on-site laundry facilities are among the amenities at the property.
All properties are located just off Interstate 635 and Highway 75, offering commute flexibility to several Dallas-Forth Worth employment centers, including downtown Dallas, Plano, Allen and McKinney.
