Rae & Associates has sold Greenway Springs, a 240-unit Class C community in Phoenix, to Tides Equities for $24.5 million, according to Yardi Matrix. The buyer financed the deal with a $23.5 million acquisition and development loan from Voya Financial. Tides plans to invest $5 million to renovate the asset and rebrand it as The Tides on 25th, per Phoenix Business Journal.
Located at 15620 N. 25th Ave., the community is situated alongside the Black Canyon Freeway, 14 miles north of downtown Phoenix. The asset is within a mile of nearly 1.2 million square feet of completed office space as well as Sunbelt Investment Holdings’ planned, 500,000-square-foot Bell 17 Business Park, Yardi Matrix shows.
Constructed in 1975, Greenway Springs has a mix of one- and two-bedroom apartments, with unit floorplans ranging from 600 to 864 square feet. Property amenities include a swimming pool, basketball court, fitness center and playground. In July, the asset was 97.9 percent occupied, 26 basis points above the metro average, per Yardi Matrix data.
The sale comes on the heels of another of the investor’s recent value-add acquisitions, the 436-unit Park at Deer Valley. In July, Tides paid nearly $57 million for the community, located 2 miles northeast of Greenway Springs.