Growing Multifamily List Piggybacks on Phoenix Growth
Further confirming metro Phoenix’s expected growth and quality underlying real estate fundamentals, The Tides on 25th, a 240-unit apartment community in Phoenix, recently sold for $40.6 million. ZMR Capital purchased the asset and is a new buyer in the Phoenix market.
Newmark’s Brett Polachek, Brad Goff and Chris Canter represented the seller, Tides Equities. Polachek, Canter and Goff have been extremely active as of late, completing more than $770 million in sales the past year, with six currently in escrow.
“Tides Equities successfully executed their exterior and interior renovation scope, further positioning this asset as an attractive investment that received significant interest,” said Polachek. “The Sunbelt multifamily market, specifically Arizona, remains resilient and will likely continue to see high occupancies and strong rent growth in the next few years.”
Located at 15620 N 25th Ave., the property was constructed in 1975 and has a mix of one- and two-bedroom units. About 30 percent of the units were recently renovated and feature in-unit washers and dryers, and stainless steel appliances. Community amenities include a bark park, basketball court, picnic area with barbecues, a fitness center, a swimming pool and spa.
Tides on 25th has access to the I-17 and Loop 101 Freeways as well as proximity to the North I-17 and Deer Valley business hub, one of the largest employment corridors in the metro area.