Tides Equities continued its expansion in Las Vegas with the purchase of three properties totaling 924 units from two different sellers, Avenue North and Nitya Capital. The buyer paid a combined $197.3 million for the 180-unit Tides on West Cheyenne in Northwest Las Vegas, followed by two properties in West Las Vegas: the 228-unit Tides on Duneville and the 516-unit Tides on Charleston.
NorthMarq facilitated all three transactions, with Vice President Thomas Olivetti leading the team.
Tides Equities currently owns a Las Vegas multifamily portfolio valued at $338 million and plans to spend another $325 million expanding in the MSA by year-end, a company representative told Multi-Housing News.
According to a recent Colliers report, metro Las Vegas vacancy dropped to 2.5 percent as of the third quarter of 2021, a 120-basis-point drop year-over-year. During the same period, a total of 4,389 units traded across the market, with a transactions volume exceeding $886 million.
Avenue North sold Tides on West Cheyenne, formerly known as Yardz on West Cheyenne, for $37 million. The new owner financed the purchase with a $34.4 million acquisition loan originated by Asia Capital Real Estate, Clark County records show.
Nitya Capital sold the two West Las Vegas properties. Tides on Duneville traded for $50.3 million, while Tides on Charleston brought $110 million for the seller. Tides Equities secured a $45.5 million mortgage funded by Argentic for the former, while Arbor Realty Trust provided acquisition financing for Tides on Charleston, according to public records.
A capital improvements program totaling $20 million is underway, with plans to renovate and upgrade all three Class B properties built between 1980 and 1986.
The three properties
Tides on West Cheyenne sits on more than 9 acres at 5507 W. Cheyenne Ave. The property features two-bedroom apartments with floorplans averaging 940 square feet. Tides on Duneville, at 5050 Duneville St., provides one- and two-bedroom units, while Tides on Charleston at 6501 W. Charleston Blvd. also provides a three-bedroom option. The latter also features larger configurations, with floorplans averaging 856 square feet, while floorplans at Tides on Duneville average 837 square feet.
The trio of amenity-rich communities feature a total of six swimming pools along with clubhouses. Some of the properties also offer dog parks, fitness centers, movie theaters, basketball courts and barbecue areas.
The latest in a streak of Las Vegas purchases, the acquisition of Tides on Charleston marks the company’s eighth acquisition in the metro. The deal was preceded by Tides Equities closing on a 225-unit community; the buyer paid more than $35 million for Tides at Spring Mountain.