Tides Equities has sold Tides on 19th, a 236-unit community in Phoenix, to Rouge Equity for $59.1 million. CBRE brokered the sale.
The community, built in 1973 across 9.4 acres, offers a mix of one- to three-bedroom units ranging from 677 to 1,025 square feet. Community amenities include a pool, fitness center, picnic area and 350 parking spaces. In mid-2021, the seller rebranded the asset and renovated 111 units.
Located at 4802 N. 19th Ave., the property is 5 miles northwest of downtown Phoenix, with several dining, retail and entertainment options within a 1-mile radius.
The community, formerly known as Nineteen, last changed hands in June 2020, when Tides Equities bought it for nearly half its current price—$27 million—with $24.2 million in acquisition financing provided by Berkshire Group.
CBRE Executive Vice Presidents Brian Smuckler and Jeff Seaman, along with First Vice Presidents Derek Smigiel and Bryson Fricke, facilitated the sale.
Last month, Tides paid $120.2 million for three communities, encompassing 590 units, in Phoenix. The investments marked a milestone for the company, as Tides completed its 50th acquisition within the Greater Phoenix area.