Tides Equities Pays $50M for Las Vegas Community
The property last traded just one year ago, for $28.5 million.
Tides Equities has acquired Spanish Oaks, a 216-unit garden-style community in Las Vegas, for $50 million. According to Yardi Matrix data, the seller was Next Wave Investors, and the asset last traded in 2021, when the current seller paid $28.5 million to Shulgin Acquisition Group. Northmarq arranged the current transaction.
Tides Equities will rebrand the property as Tides on Valley View and the asset is slated for a $4.7 million capital improvement plan.
Built in 1976 and located on 8.5 acres, the 13 one- and two-story buildings offer one- and two-bedroom apartments averaging 688 square feet. Common-area amenities include a swimming pool, a clubhouse, a fitness center, a spa and two laundry facilities.
Located at 2301 S Valley Blvd., the property is close to the Las Vegas Strip and is situated 1 mile west from Interstate 15. Dining and retail options are available in the immediate area.
Tides on Valley View marks the company’s 21st acquisition in the Greater Las Vegas area and the 127th acquisition in Western U.S. since 2016. Tides Equities has been active in the area this year, having bought Las Vegas assets from Laguna Point Properties, The Midtown National Group and Nitya Capital.