Tides Equities has acquired Laurel Park, a 240-unit apartment community in Las Vegas for $65 million. The seller of the Class B property in the Las Vegas Strip submarket was Sunset Group, Yardi Matrix data shows. Recently, the same parties traded a 228-unit community in Dallas, representing Tides’ 38th acquisition in the Metroplex.
Based on Yardi Matrix data, the Las Vegas asset last traded in late 2019, when the current seller paid $32 million to Omninet Capital. Sunset Group financed that purchase with a $21.1 million five-year CMBS loan originated by HFF, which was later bought by Citibank.
BrightSpire Capital Inc. funded Tides’ 20th acquisition in the Greater Las Vegas area, according to Clark County records.
The Los Angeles-based buyer will rebrand the property as Tides at Hacienda. The new owner also plans to update the 1982-built community through an approximately $5.5 million capital improvement plan.
Tides at Hacienda
Located at 5272 Tamarus St., Tides at Hacienda includes 60 two-story buildings across more than 8 acres. The garden-style community features two-bedroom, two-bathroom units with floorplans averaging 1,200 square feet.
The pet-friendly property includes a clubhouse, business center, swimming pool, playground and dog park. Tides at Hacienda is within a mile of the Las Vegas Campus of the University of Nevada, as well as the S. Eastern Avenue retail corridor, and less than 4 miles of Sunset Park.
Other investors also pursue value-add investment strategies in the area. In April, Kennedy Wilson acquired a 1,110-unit portfolio in the Las Vegas market for $418 million. The buyer plans to invest $19 million to upgrade the three properties, which would include renovating more than half of the apartments.