California’s Tides Equities closed two Texas multifamily deals in the past five days, buying a couple of Dallas-Fort Worth properties for a total of $172 million.
The investment firm inked a deal to buy the Chadwick Apartments, a 264-unit complex at 13900 Chadwick Parkway in Roanoke, Texas, Friday. Tides bought the 263,244-square-foot complex, located on more than 13.47 acres about 20 miles north of downtown Fort Worth, from Dallas’ Western Securities. IPA Texas was the broker.
The complex was built in 2009. Apartments average 997 square feet and range from one- to three-bedroom units. Tides plans to spend around $5.5 million on renovating the property.
L.A.-based Tides specializes in renovating older, multifamily residential complexes, upgrading and branding them in the process, to properties aimed at a middle-income market. Improvements include a number of identical elements that make them recognizable as Tides properties. The transformation also comes with a new name: Chadwick Apartments will be rechristened Tides on Chadwick.
Today the company closed on a Dallas complex, the Ladera Apartments at 3939 East Trinity Mills Road, which will become the Tides at Trinity. The seller was Dallas-Fort Worth’s WillMax Capital Investments, and Berkadia was the broker. The Far North Dallas complex was built in phases between 1996 and 2000. It has 481,682 square feet of rentable space on 23.85 acres. Its 500 apartments average 963 square feet. Most are one- and two-bedroom units; 12 are three-bedrooms. Tides will renovate the complex to the tune of around $8.5 million.
Tides has been building its number of Texas properties at a steady clip. In Dallas, it bought $1.5 billion in multifamily properties in 2021. Its total number of purchases in the Dallas-Fort Worth metroplex is now 31 properties with 9,130 units total among them. It also bought an Austin apartment complex this month.
The company has been expanding a multifamily portfolio across the western and southwestern United States as well. Last year, it spent $1.2 billion on apartment complexes in Phoenix, Arizona, and it just completed $650 million in acquisitions in Las Vegas, Nevada.
UPDATE: This post has been updated to correct the total price paid for both properties. It is $172 million.
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