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8/29/19
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Tides Equities LLC has acquired The Edge, a 380-unit multifamily community in Phoenix, for $57.3 mil ($151k/unit). The property, located at 15202 N. 40th St in North Phoenix, was sold by Baron Properties.
The Edge is comprised of 16 two-story apartment buildings with 44 studios, 168 one-bedroom and 168 two-bedroom units. The community features two swimming pools and spas, a playground, 24-hour fitness center, resident clubhouse and picnic areas with gas barbecue grills. Almost all one- and two-bedroom floor plans have washers and dryers and many units have oversized private patios.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller in the deal. Brian Eisendrath and Cameron Chalfant of CBRE Debt & Structured Finance arranged financing on behalf of the buyer, Tides Equities.
“Baron Properties executed a successful renovation program to a majority of the units and positioned the property to perform very well in the North Phoenix submarket,” said Gunter. “The region’s strong market fundamentals provide an outstanding investment environment for Class B multifamily assets.”
According to CBRE Research, submarket occupancy in North Phoenix was 96.8% in Q2 2019. Annualized effective rent growth in the submarket was 8.2%, similar to the Phoenix MSA year-over-year rent growth of 8.4%, which ranked as the second-highest rate of all major markets in the U.S.
“The Edge was an excellent fit for our investment criteria and will complement our Phoenix portfolio,” said Sean Kia, co-founder and principal of Tides Equities. “We are very bullish on the Phoenix market and our plan is to enhance the current renovation program to add value to the community for residents and our investors.”
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