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November 9, 2020 Comments Off on Tides Adds to Phoenix Portfolio with $83M MF Buy Views: 987 Phoenix, Phoenix & Southwest News, Top Phoenix

Tides Adds to Phoenix Portfolio with $83M MF Buy

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Los Angeles-based Tides Equities continues to expand its portfolio in Phoenix with the addition of Tuscany Palms Apartments in Mesa. The 582-unit apartment complex was acquired from an affiliate of New York-based Investcorp for $83 million and will be rebranded as The Tides on Country Club.

The community includes 26 three-story buildings totaling 350,550 square feet and was built 1987. The nearly 17-acre property at 901 S. Country Club Dr. will undergo a $9-million capital improvement program.

Property amenities include an on-site laundry facility, a clubhouse, two pools, a tennis and basketball court, indoor racquetball court, and a soccer court.

NorthMarq Capital arranged $66,400,000 in new debt for the deal.

Last month, Tides Equities acquired Midtown on Main Street Apartments in Mesa from an entity affiliated with Investcorp for $86.5 million. Tides’ portfolio has risen to 36 assets in the Phoenix market.

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