Tides Equities has acquired Copper Creek, a 274-unit garden-style community in Fort Worth, Texas, from a private owner. Senior Managing Director Al Silva of Marcus & Millichap arranged the transaction.
According to Yardi Matrix data, the property last changed hands in 2020, when the previous owner bought the asset from Greenwater Investments. The sale was subject to a Freddie Mac loan of $16.6 million originated by Walker & Dunlop.
Tides Equities will rebrand the property as Tides on Oakland Hills. The community is slated for a $6 million capital improvement plan.
Built in 1986 and located on 6 acres, the 17 two- and three-story buildings offer one- and two-bedroom apartments averaging 753 square feet. Common-area amenities include two swimming pools, a clubhouse, a barbecue and picnic area, a pet park, as well as a soccer field and playground.
Located at 6011 Oaklands Hills Drive, the property is 8.8 miles from downtown Fort Worth and approximately 26 miles from Dallas, providing direct access to Interstate 30 and Highway 820. Retail and dining options are available in the surrounding area, along Bridge Street.
Tides on Oakland Hills marks the company’s 43rd acquisition in the Greater Dallas area. The company’s purchases this month also included two Fort Worth communities totaling 340 units, for a combined $40 million.