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Tides at Spring Mountain Marks Tides’ Fifth Acquisition in Las Vegas
Tides Equities recently closed escrow on a 225-unit apartment complex in Las Vegas for $35.5 million. The asset will be rebranded as The Tides at Spring Mountain, and undergo $4 million in renovations and upgrades. This purchase marks Tides’ fifth acquisition in the greater Las Vegas area and 73rd acquisition in the Western U.S. since 2016.
Tides at Spring Mountain is a rare 1981 vintage apartment community located in the West Las Vegas submarket. Situated on 2.21 acres, the property consists of 16 two-story garden-style buildings with numerous amenities. The Las Vegas Strip is two miles from the property.
Immediately after the takeover, Tides began to implement its business plan. The exterior of the property is primed for a makeover, which will include Tides Equities brand horizontal wood. Tides Equities will capture the upside by implementing a premium scope interior renovation plan and amenity upgrades.
The broker on this deal was Thomas Olivetti with NorthMarq.
- ◦Sale/Acquisition
