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7/06/21
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Tides Equities has closed on the acquisition of IVilla Garden Apartments, a 214-unit multifamily project in Phoenix, for $30 mil, or $140.2k/unit. The property was sold by Tower 16, who bought the asset in February 2020 for $15.1 mil in an off-market transaction.
IVilla Garden Apartments is a 214-unit apartment community located at 2634 N. 51st Ave, in the Westside submarket of Maricopa County, less than eight miles from downtown Phoenix. This location is conveniently located near the I-10 the I-60 and the I-17 freeways, allowing quick access to downtown Phoenix and other parts of Maricopa County.
The project was built in 1981 and consists of 11 buildings situated on 2.4 acres. Common area amenities include gated access, two pools, laundry facilities, a central park, barbeques, a playground and dog park. The project includes both studio and one-bedroom units including fully equipped kitchens with stove/ovens, refrigerators, ceiling fans, central heating and air conditioning.
Tower 16 spent over $1.9 mil in renovations and upgrades to the property during its ownership. Tides Equities, one of the largest apartment owners in the Phoenix market, plans to further renovate and improve the property during its ownership.
Jesse Hudson, Bill Hahn and Trevor Koskovich of Northmarq Phoenix advised Tower 16 on the sale.
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