Tides Equities continues its expansion in the Phoenix market with the $59 million acquisition of Copper Palms, a 206-unit property in the metro’s Sunnyslope submarket. CVG Properties sold the garden-style community, which will be rebranded as The Tides on Cave Creek.
Matt Pesch, vice chairman with CBRE Phoenix Multifamily Institutional Properties facilitated Tides Equities’ 59th acquisition in the Greater Phoenix area. The new owner secured a $53.3 million acquisition loan originated by Mack Real Estate Credit Strategies, the lending platform of New York-based Mack Real Estate Group, Maricopa County records show.
The Tides on Cave Creek sits on roughly 6.2 acres at 12810 N. Cave Creek Road and features studios, along with one- and two-bedroom units across 13 buildings. Built in 1986, the two- and three-story structures offer floorplans with an average size of 675 square feet.
Community amenities include barbecue areas, a laundry facility, a swimming pool and a spa. Tides Equities plans to update the property by investing $4.5 million in renovations.
Copper Palms is less than a mile from the East Cactus Road retail corridor and within 2 miles of Phoenix Mountains Preserve. Downtown Phoenix is roughly 15 miles south.
The purchase marks Tides Equities’ 109th acquisition in the Western U.S. since 2016. In early March, the company paid $105 million for the 308-unit The Tides on 7th in Phoenix’s Northeast submarket. The Los Angeles-based firm is active in other markets as well. In February, NorthMarq brokered Tides’ 32nd purchase in the Dallas-Fort Worth metro, when the company acquired the 232-unit Tides at North Dallas community.