Tides Equities Further Expands in Phoenix With $105M Buy
Northmarq facilitated the disposition of the 308-unit community.
After recently teaming up with CIM Group to purchase the 1,012-unit The Tides on 71st for $255 million—a deal that marked the second-largest single asset multifamily transaction in Arizona—Tides Equities keeps expanding its Greater Phoenix footprint. 3rd Ave Investments sold The Stratford, a 308-unit community in the Northeast Phoenix submarket to the Los Angeles-based company for $105 million. Northmarq facilitated Tides’ 58th acquisition in the Phoenix metro.
The property last traded in late 2018, when the current seller paid $32.8 million to Oxford Enterprises for the Class B community, according to Yardi Matrix data. The new owner will rebrand the property as The Tides on 7th and also intends to implement a capital improvements plan totaling $5.5 million.
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Located on nearly 12 acres at 17625 N. Seventh St., the 1983-built property comprises 30 two-story buildings. The community features one-, two- and three-bedroom units with floorplans averaging 994 square feet. Community amenities include a swimming pool, a spa, a fitness center, a business center, a clubhouse, a dog park, a basketball court, picnic and barbecue areas and a video library.
The Tides on 7th is within 2 miles of Lookout Mountain Preserve, less than a mile away from the Bell Road retail corridor and some 3 miles from Phoenix Deer Valley Airport and Paradise Valley Community College. Downtown Phoenix is roughly 14 miles south.
The Northmarq Phoenix investment sales team that brokered the transaction included President Trevor Koskovich, Executive Vice President Bill Hahn, Senior Vice President Jesse Hudson and Associate Vice President Ryan Boyle.
A strong multifamily market
Multifamily continues to be one of the top performing real estate sectors, with high demand fueling development across Greater Phoenix. According to Yardi Matrix data, in 2021 through November, 9,479 units came online in the metro and 36,080 units were under construction. In the previous year, developers delivered 8,218 units over the same period.
Based on preliminary data from the Bureau of Labor Statistics, the unemployment rate across the Phoenix metro continued to improve, dropping to 2.4 percent in December, a far cry from the pandemic-induced record high of 13.5 percent reached in April 2020.