In a move to continue growing its national footprint, FCP has made its first multifamily investment in Arizona with the $71.5 million acquisition of Tides at South Tempe in Tempe. The privately held real estate investment company acquired the 442-unit apartment community through a joint venture with Tides Equities.
“FCP has been seeking the right opportunity to invest in the Phoenix area, and Tides at South Tempe provided us with an opportunity to invest with an established partner in this market,” said Bart Hurlbut, FCP vice president for acquisitions concentrating on Western U.S. investments. “We are excited to have a presence in this very strong market and are actively looking to buy here as well as provide joint-venture equity, preferred equity, or mezzanine debt for acquisitions, recapitalizations of existing partnerships, and development.”
Located near Superstition Freeway and Interstate 10, Tides at South Tempe is conveniently located near shopping, restaurants, and entertainment areas as well as major job centers. It features one- and two-bedroom units with hardwood floors, quartz countertops, stainless steel appliances, and balconies or patios.
FCP and Tides Equities plans to continue the in-unit renovations that had been underway at the community.
“Tides at South Tempe provides an excellent partnership between Tides Equities and FCP, acquiring immediate scale in a strong submarket with a proven value-add strategy,” said Ryan Andrade, co-founder and principal of Tides Equities. “The asset has received extensive exterior and deferred maintenance improvements over the past 18 months and is now primed to capture significant upside via the continuation of the interior unit renovation plan and the strong fundamentals of the market and submarket.”
Brian Eisendrath at CBRE arranged the debt provided by Truist for the acquisition.
