June 29, 2020
Los Angeles-based Tides Equities LLC brought a new equity partner for the $71.5 million acquisition of Tides at South Tempe. Chevy Chase, MD-based FCP bought the 442-unit apartment community in Tempe through a JV with Tides Equities. The acquisition marks FCP’s first investment in Arizona as the company continues to expand its national footprint.
FCP’s Bart Hurlbut says, “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.”
Tides at South Tempe is located close to Superstition Freeway and Interstate 10 at 4130 S. Mill Ave. The 95%-occupied community features studio, one- and two-bedroom units with luxury touches including hardwood flooring, quartz countertops, stainless steel appliances and balconies or patios.
CBRE’s Brian Eisendrath arranged the debt through Truist.
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