Tide on 51st Avenue. Image courtesy Tower 16 Capital Partners
Tides Equities paid $ 30 million for IVilla Garden Apartments, a 214-unit community in Phoenix. NorthMarq represented the seller Tower 16 Capital Partners.
Tower 16 acquired the property in February 2020 as part of an off-market deal for $ 15.1 million. Following this purchase, the company invested more than $ 1.9 million in capital improvements. The new owner intends to continue modernizing the community and renaming it Tides on 51st Ave.
Completed in 1981, the three-story community is located on 2.4 acres at 2634 N. 51st Ave. in the Westside submarket of Phoenix. The property’s 11 buildings include studio and one-bedroom floor plans. Facilities include two pools, a tennis court, a volleyball court, barbecue facilities, a playground and a dog park. Tides on 51st Ave., a short distance from Interstates 10 and 17, is less than eight miles from downtown Phoenix.
The NorthMarq team consisted of Executive Vice President Bill Hahn, Senior Vice President Jesse Hudson and President Trevor Koskovich.
In June, Tides Equities worked with Newmark on the disposal of a 240-unit Phoenix asset less than 15 miles north. The property sold for more than $ 40 million.
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