East Phoenix Community changes hands for $ 34 million
Tide at 50th Image courtesy of ABI Multifamily
Tides Equities has sold 155 units of Tides on 50th in Phoenix for $ 34.3 million to Arizona-based 3rd Ave Investments. ABI Multifamily worked on behalf of both the buyer and the seller.
The property was last traded less than three years ago when the current seller acquired it from Mentor Properties for $ 21 million, according to Yardi Matrix data.
The property, built in 1979 on around 5.5 hectares, comprises a mixture of 12 garden and one-story buildings that were renovated in 2020-2021. The studios and one- and two-bedroom units are an average of 624 square meters.
The property is located in Phoenix’s Arcadia submarket at 5008 E. Thomas Road, east of the Old Cross Cut Canal. Central Scottsdale is 4 miles away, while downtown Phoenix is 8 miles to the southwest.
The apartments have air conditioning, walk-in closets, vertical blinds, ceiling fans, carpeted and vinyl wood floors. The kitchens are fully electric and have a refrigerator and an oven. In addition, washing machines and dryers as well as dishwashers and microwaves are integrated in selected units. Communal facilities include a swimming pool, spa, fitness center, dog park and leasing center. Covered and open parking spaces are also available.
Senior partners Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of the Phoenix-based group of ABI Multifamily arranged the sale of the property. Recently, the same team arranged the acquisition of a value community in North Central Phoenix. The City 15 apartments with 161 units were sold for $ 32.3 million.