Tides Equities has acquired two communities in Fort Worth, Texas, totaling 340 units, from Staples Investment Properties. The combined purchase price was $40 million, according to The Real Deal.
The current owner will rebrand the garden-style communities as Tides on Boca Raton North and Tides on Boca Raton South, with plans to execute a capital improvement program at a total cost of $5.8 million.
Both properties previously changed hands in 2019, when Staples Investment acquired them from Madera Cos. According to Yardi Matrix data, Staples Investment received Fannie Mae financing for the assets in 2019, adding up to $19.6 million.
Managing Director Taylor Snoddy of Northmarq arranged the two current transactions.
Two Fort Worth communities
Located at 708 Quail Wood Lane, Tides on Boca Raton North was built in 1977 and covers an approximately 9.7-acres site. The community encompasses 17 two-story buildings, in a mix of one-, two- and three-bedroom apartments with an average size of 798 square feet.
Located at 5950 Boca Raton Blvd., Tides on Boca Raton South was built in 1978 and spans 6.7 acres. The property comprises 10 two-story buildings offering a mix of one-, two- and three-bedroom apartments, averaging 777 square feet.
Both communities offer common-area amenities including a swimming pool, a tennis court, a playground, a barbecue area and laundry facilities. The properties are approximately 7 miles from downtown Fort Worth and have easy access to Interstate 820. Dining and retail options are available in the surrounding area, along Bridge Street.
Tides Equities has made several purchases recently in the Greater Dallas area, the latest being the acquisition of two communities in Fort Worth, totaling 448 units.