Tides’ $72M Buy of Palm Valley Capitalizes on Golf Course Site

The 264-unit multifamily community Palm Valley in Goodyear recently sold to Tides Equities for $71.8 million. Tides Equities renamed the community Tides at Palm Valley.

Built in 1997, the property’s amenities include two pool and spa areas with covered cabanas, a fitness center, basketball court and resident clubhouse. Upgraded units include quartz countertops, interior paint, new white cabinet doors and hardware, stainless appliances, kitchen backsplashes, and new lighting and plumbing fixtures.

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller, Avanti Residential.

“The community was the first multifamily project built in Goodyear’s Palm Valley master plan and benefits perpetually from occupying the best site in the entire master plan, right on the golf course,” says Cunningham. “Phoenix’s West Valley is one of the fastest-growing regions in the country and Goodyear’s multifamily fundamentals are among the best in Phoenix.”

The Avondale/Goodyear market posted the highest net absorption of all submarkets in metro Phoenix in 2020 with 1,487 units and occupancy at a near-record of 96.7 percent in first quarter 2021.

“We are excited to add Tides at Palm Valley to our Phoenix portfolio, and we continue to look for investment opportunities across the region,” said Sean Kia, Tides Equities co-founder.