Tides Equities Continues Expansion Throughout the Western U.S.
Tides Equities has continued to expand its footprint in 2022. In the first half of the year, the firm closed 33 transactions, accounting for over $2.3B. This string of acquisitions allowed the company to add 9,712 units to their portfolio, which now stands at over 29,000 units.
The firm specializes in value-add multifamily real estate throughout the Western United States. Tides focuses on well-located, Class-B, assets in Arizona, Texas, and Nevada. “Tides continues to believe in the short- and long-term growth of these markets as they have strong underlying fundamentals which are further aided by the accelerating demand by Millennials and Generation Z to relocate to cities within the Sun Belt,” said Tides Co-founder & Principal Ryan Andrade.
In Q1 of this year, the company acquired Del Mar Terrace, the largest market-rate apartment community by unit count in the Phoenix MSA, in a $255,000,000 transaction. Tides Equities has rebranded the 1,012-unit apartment community to Tides on 71st. They were able to source this deal entirely off-market, directly from the original developer, who had owned it since they constructed it in 1985.
The firm also continued their expansion into Austin, Texas, with the acquisition of the Hendrix, a 636-unit apartment community that they rebranded to Tides on Copper Creek. The property is spread out across 20.4 acres and is situated in the Northwest Austin submarket. This asset is perfectly positioned to embrace the economic and lifestyle transformation of Northwest Austin from a suburban haven into one of the city’s premier live, work, and play destinations.
In Nevada, one of the more notable transactions of the year was the purchase of a 787 unit, three-property portfolio for $169,750,000. “This acquisition has provided Tides with immediate scale in a market that continues to see exceedingly strong rent growth and upward trajectory,” said Tides Co-founder & Principal Sean Kia. The communities have been rebranded as Tides on Spencer, Tides at North Nellis, and Tides on Palm and will undergo an approximately $18 million capital improvement plan that will improve these high-profile properties.
Tides Equities has continued the momentum seen in 2021, when the firm completed 77 transactions, accounting for over $4.3 billion dollars and 21,000 units in transaction volume. For the year, Tides Equities was the 6th most-active buyer of multifamily properties in the United States.