Tides Equities Expands Phoenix Portfolio With $23M Buy
Solstice at Arcadia is a little more than 3 miles from downtown Scottsdale. The property was repositioned from individually-owned condos to single ownership, allowing for operational opportunities.
Tides Equities has acquired the 181-unit Solstice at Arcadia Apartments in Phoenix, for $26.6 million. According to Yardi Matrix, the sale was subject to a $22.9 million loan, granted by Colony Capital. The asset last traded in 2017, when Mayfair Finance Group acquired it for $12.2 million.
Solstice at Arcadia is located at 5401 E. Thomas Road, a little more than 3 miles from downtown Scottsdale. The community comprises 61 one-bedroom and 120 two-bedroom units ranging from 548 to 1,165 square feet. Built in 1980, the property also features common-area amenities such as a fitness center, a clubhouse, a swimming pool, a spa and 256 parking spaces.
Nearby points of interest include the Arizona Country Club, the Phoenix Zoo, several restaurants and retail destinations. The Biltmore/Camelback corridors and downtown Phoenix offer employment opportunities.
“Solstice at Arcadia was a broken condo asset that was repositioned under single ownership. Now that it is a fully intact apartment complex, there are major operational opportunities as well as a second-generation interior value-add play in one of the most sought-after submarkets in Phoenix,” said Jesse Hudson, vice president at NorthMarq Capital, in a prepared statement.
Jesse, along with Executive Vice President Bill Hahn and President Trevor Koskovich of NorthMarq Capital represented both parties in the transaction. The same team recently facilitated the $32.8 million sale of Breckenridge Apartments, also in Phoenix.
Image courtesy of Yardi Matrix