Tides principal linked to purchase of $15M Brentwood manse

UPDATED: March 2 at 12:30 p.m.:

After scooping up more than $6.5 billion worth of apartments in the Sun Belt, Sean Kia, the co-founder of Tides Equities, one of the most active buyers of multifamily properties across the Sun Belt, Tides Equities, ’ co-founder and principal, invested in a Los Angeles house.

A trust linked to Kia is behind the $14.5 million purchase of 414 South Cliffwood Avenue, a 9,700-square-foot mansion in Los Angeles’ Brentwood neighborhood. The deal for the more than 6-bedroom, 10-bathroom listing, based on more than a half-acre of land, took place earlier this month and penciled out to $1,496 per square foot.

Over the last two years, Kia’s Tides Equities has amassed more than $6.5 billion worth of apartments across Sun Belt cities like Phoenix, Dallas and Las Vegas. But rising interest rates have put the firm in a tough spot since then, as debt payments on their properties have soared.

In a March 1 statement, Kia confirmed that he purchased the home. He noted that it will serve as an investment property.

“Going to renovate it and sell it in the next nine to 12 months,” he said. ” Not as many multifamily deals to be had right now, so doing a single-family deal.”

The seller was Sarah Addington, ex-wife of Ari Emmanuel, co-chief executive officer of Endeavor talent and sports agency, and inspiration for the Ari Gold character in the HBO series “Entourage,” which ran from 2004 to 2011.

Emmanuel bought the home for $10 million in 2005 and deeded the property to Addington after their 2018 divorce. The house was initially listed for $26 million in August 2021, and has been on and off the market since then. It went through a few price reductions. The listing’s most recent ask was about $18.5 million in December 2022.

Siv Cotton and Landon Clements of Engel & Volkers served as listing agents. Laurent Mamann Slater of The Beverly Hills Estates represented the buyer. Kia did not respond to an email and a text requesting comment.

Constructed in 1987, the listing offers a main house that stretches to about 6,900 square feet, as well as a 2,800-square-foot guest house, according to an agent’s description. The listing was remodeled by Windsor Smith, a Los Angeles designer, however the date of the remodel is unclear.

Addition: Previous story did not include statement from Sean Kia.

The guest house features amenities such as a cinema and a gym. Estate grounds offer a pool, a putting green and  garden.

Comps offered for 414 South Cliffside include another Brentwood home, which is located at 441 North Bristol Avenue. The 9,400-square-foot home sold for $17.5 million in December 2022.