Tides Equities continues to grow its Dallas-Fort Worth footprint with the purchase of Solaris, a 432-unit community. Taylor Hill, senior vice president of investments with Institutional Property Advisors, closed the deal on behalf of the buyer. The previous owner was The ValCap Group, according to Yardi Matrix. Solaris will be rebranded as Tides on Leisure, and the new owner is planning a capital improvement plan worth roughly $9.5 million. This purchase marks the company’s 45th acquisition in the Greater Dallas area and the 137th in the Western U.S. since 2016.
Built in 1983, the garden-style community is located at 11515 Leisure Drive, in the Northeast submarket of Dallas. The property—consisting of 33 buildings—offers one-, two- and three-bedroom floorplans averaging 762 square feet. Community amenities include a playground, a clubhouse, a fitness center, as well as swimming pools and outdoor barbecue areas.
The property is located at the intersection of Lake Highlands and Richardson neighborhoods. Being positioned in the immediate area of Interstate 635 and Highway 75, the community offers commute flexibility to several Dallas-Forth Worth employment centers, including Downtown Dallas, Plano, Allen and McKinney. Additionally, it is close to the Dallas College Richland campus.
Dallas-Fort Worth continues to be one of the country’s largest multifamily investment magnets. In the first five months of 2022 alone, a total of $4.8 billion in rental assets traded across the Metroplex, surpassing the volume recorded during the same time frame of last year.