Tides Equities just can’t stop adding to its Texas multifamily portfolio, it seems.
The California investment firm’s most recent acquisition is the Linear on Esperanza apartment complex in North Dallas. Tides bought the property from Texas-based developer Presidium Group for about $45 million. The mortgage broker was Taylor Snoddy with Minneapolis’ NorthMarq.
The 246,908-square-foot complex is on 13 acres. It was built in 1975 and 1980 and has 370 units averaging 667 square feet: 48 studios, 240 one-bedrooms and 82 two-bedrooms. The commuter-friendly complex is at 13450 Esperanza Road near the “High Five” interchange that connects IH-75 and IH-635—one of the area’s most trafficked set of roads. Amenities include a swimming pool, a playground, a courtyard and a clubhouse.
Tides, which specializes in renovating and rebranding older multifamily residential complexes, will spend around $8.5 million on upgrades to the project. It will be outfitted with materials and specific touches that make it recognizable as a Tides property and will be renamed Tides at Esperanza.
This purchase is Tides’ 31st acquisition in the Dallas-Fort Worth area. The company bought $1.5 billion in multifamily properties in the metro area in 2021.