A large, 1,012-unit apartment community in Phoenix has moved in an off-market deal for $255 million. Del Mar Terrace is the largest market rate apartment community, based on unit count, in the greater Phoenix area, and the sale, based on price, is the second-largest, single asset, multifamily sale in Arizona history, according to a news release.

Del Mar Terrace has been acquired by CIM Group, a community-focused real estate and infrastructure owner, operator, lender, and developer, in partnership with Tides Equities, a leading investment firm specializing in value-add multifamily real estate throughout the Western U.S.

Acquired from the original owner, the partnership will rebrand the built-in-1985 community as The Tides on 71st and execute an approximately $19 million capital improvement plan.

This is an established community where we will invest in program of improvements that will benefit current and future residents,” said Shaul Kuba, co-founder and principal, CIM Group.