By Mike Sunnucks | Rose Law Group Reporter
Los Angeles-based real estate firm Tides Equities has closed 33 transactions during the first half of 2022 totaling more than $2.3 billion.
The deals bring an additional 9,712 apartment units to Tides’ multifamily real portfolio — which now totals more than 29,000 units.
Tides specializes in Class-B multifamily properties 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 and Principal Ryan Andrade.
During the first quarter, the California company acquired Del Mar Terrace, the largest market-rate apartment community by unit count in the Phoenix metro area, in a $255 million transaction. Tides Equities has rebranded the 1,012-unit apartment community to Tides on 71 st. The deal was crafted with the original developer who owned the complex since its construction in 1985.
The firm also continued its moves into the Austin, Texas market with the acquisition of the Hendrix, a 636-unit apartment community that they rebranded to Tides on Copper Creek. The property is on 20.4 acres in the Northwest Austin submarket.
In 2021, Tides Equities completed 77 transactions, worth $4.3 billion and 21,000 units in transaction volume. Last year, Tides Equities was the 6th most-active buyer of multifamily properties in the U.S., according to the company.
