Specializing in value-add multifamily real estate throughout the Western U.S., Tides Equities has announced the acquisition of a 466-unit portfolio located in the West Valley submarket of Phoenix. In the $95 million transaction, brokered by Brad Cooke of Colliers International, Tides acquired Red Sage, The Perry, and Serena Park.
Originally built in 1986, Red Sage is a 156-unit, two-story garden-style apartment community on approximately 5.36 acres. With an average unit size of 673 square feet, the property offers one- and two-bedroom floor plans. Its community amenities include a resort-style pool, a soccer field, a playground, and a BBQ/picnic area. Red Sage will undergo renovations and will rebrand as Tides on West Thomas.
The Perry, to be renovated and rebranded as Tides on 67th, consists of 148 units with one- and two-bedroom floor plans averaging approximately 805 square feet. With quick access to major transportation corridors, this site is near the Westgate Entertainment District, home of the Arizona Cardinals and the Phoenix Coyotes.
Serena Park offers 142 units in Glendale. Less than a mile from Glendale Community College, the property features studio, one-, and two-bedroom units at approximately 500, 700, and 900 square feet, respectively. Residents have access to a swimming pool, a state-of-the-art fitness center, and a BBQ/picnic area. It will be renovated and will rebrand as Tides on 59th.
In total, the three properties will undergo $11,500,000 in upgrades and renovations. The acquisition is Tides’ 65th in the Phoenix area. Tides’ properties dot the submarket and include Tides on West Indian School, Tides on 61st, Tides on 71st, and Tides on 44th.