The Tides at Downtown Tempe presented a substantial value-add opportunity for Westmount Realty Capital’s portfolio as it focuses on repositioning the asset, said Brant Brown, COO and CFO of Westmount. Westmount recently acquired the two-story garden-style apartment community located at 615 S. Hardy Dr.
Westmount plans extensive renovations and a rebrand of the property as Westmount at Downtown Tempe. The Tides was originally developed in 1971.
The 227-unit multifamily community consists of one-, two- and three-bedroom units averaging 811 square feet.
The property is Westmount’s third multifamily property in Arizona. Tempe is among the state’s most walkable cities, with some 10,000 miles of hiking trails and 175 miles of bike paths.
“Tempe has strong economic fundamentals and steady growth, and Westmount is actively looking for multifamily investment opportunities in similar markets across the southwest,” said Cliff Booth, founder and CEO of Westmount. “It’s located 2 miles away from Arizona State University, which serves as a pre-eminent catalyst for economic growth in the area. The city is also home to many high-tech industries, advancing business services, manufacturing, biotech and healthcare.”
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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