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October 27, 2020
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Tides Equities Spends $77 Mil on AZ Multifamily Community


In an AZ multifamily buy, Tides Equities purchased Solara at Mill Avenue, a 515-unit community in Tempe, for $77 mil ($149.5k/unit). The property was sold by a partnership between Acre Valley Real Estate Capital and BH Equities.

Located at 3730 S. Mill Ave, Solara at Mill Avenue features 425 units that have been upgraded with new cabinets, quartz countertops in the kitchen and bathroom, tile backsplash, wood-style flooring, stainless steel appliances, updated lighting and plumbing fixtures, two-tone paint, and new baseboards.

The sellers invested nearly $8 mil in transformational renovations to the common area amenities and grounds including adding a new resort-style pool to the main entertainment area, remodeling and expanding the fitness center and furnishing with new state-of-the-art equipment to a club-quality level, and a comprehensive renovation of the clubroom and business center.

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch and Danny Baker represented the sellers in the transaction. “Solara at Mill Avenue’s outstanding renovations and appealing location in a high-growth submarket made the community very attractive to investors,” said Pesch.

Transaction volume for multifamily communities over 100 units in Phoenix through the first half of 2020 totaled $1.48 bil, down 54.7% from the first half of 2019.

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