Tides Equities Picks Up Three Phoenix-Area Apartment Communities
IPA Capital Markets has arranged $60.92 million in acquisition financing for three multifamily assets, one in Phoenix and two in Glendale, Arizona. IPA’s Brian Eisendrath and Cameron Chalfant worked on behalf of the borrower, Tides Equities to place 65% loan-to-value, 10-year floating-rate acquisition financing with five years of interest only.
Built in 1985 and 1986, the properties are: The Perry Apartments, 14 buildings, 146 units, Glendale Red Sage, 14 buildings, 156 units, Phoenix Serena Park Apartments, 10 buildings, 141 units, Glendale.
“This deal provided a unique opportunity to acquire three assets in familiar locations at a steep discount to market pricing, especially given the strong condition of properties that the seller had spent millions on to cure deferred maintenance,” said Tides Equities Ryan Andrade. “Given their proximity to other properties in the Tides portfolio, the risk of executing the business plan is minimized, and we feel these three properties have a strong chance of out-performing our projections.”
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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