November 16, 2020
Los Angeles-based Tides Equities’ multifamily buying spree in Phoenix continues with the addition of Dunlap Falls, a 288-unit garden-style property. California-based Shefflin Investments divested the community for $40.5 million.
Located at 3333 W. Dunlap Ave., the property features two- and three-bedroom floor plans with patios or balconies, walk-in closets and central air and heating. Community amenities include a swimming pool and spa, clubhouse, leasing center, covered parking and gated access.
Berkadia’s Ric Holway, Mark Forrester and Dan Cheyne handled the deal on behalf of the seller.
Holway says, “Dunlap Falls presented a unique opportunity to acquire an asset that has had significant capital improvements over the past few years combined with large two- and three-bedroom floor plans with a strong value-add strategy to upgrade the unit interiors.”
Tides’ Metro Phoenix portfolio has grown to 37 assets, including the recent $83-million acquisition of the The Tides on Country Club in Mesa from an affiliate of New York-based Investcorp.
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