Tides Equities continues its growth within the Phoenix market with the $59 million acquisition of Copper Palms, a 206-unit property within the metro’s Sunnyslope submarket. CVG Properties offered the garden-style group, which will probably be rebranded as The Tides on Cave Creek.
Matt Pesch, vice chairman with CBRE Phoenix Multifamily Institutional Properties facilitated Tides Equities’ 59th acquisition within the Higher Phoenix space. The brand new proprietor secured a $53.3 million acquisition mortgage originated by Mack Actual Property Credit score Methods, the lending platform of New York-based Mack Actual Property Group, Maricopa County information present.
The Tides on Cave Creek sits on roughly 6.2 acres at 12810 N. Cave Creek Street and options studios, together with one- and two-bedroom models throughout 13 buildings. Inbuilt 1986, the two- and three-story constructions provide floorplans with a median measurement of 675 sq. toes.
Neighborhood facilities embrace barbecue areas, a laundry facility, a swimming pool and a spa. Tides Equities plans to replace the property by investing $4.5 million in renovations.
Copper Palms is lower than a mile from the East Cactus Street retail hall and inside 2 miles of Phoenix Mountains Protect. Downtown Phoenix is roughly 15 miles south.
The acquisition marks Tides Equities’ 109th acquisition within the Western U.S. since 2016. In early March, the corporate paid $105 million for the 308-unit The Tides on seventh in Phoenix’s Northeast submarket. The Los Angeles-based agency is energetic in different markets as nicely. In February, NorthMarq brokered Tides’ thirty second buy within the Dallas-Fort Price metro, when the corporate acquired the 232-unit Tides at North Dallas group.