Rising Tides: California firm buys another multifamily property in Texas

Tides Equities continues to rise in Texas.

The California investment firm bought the former Grove at Rosewood apartment complex at 13250 Emily Road in North Dallas. Tides acquired the property from Dallas-based real estate investment company CONTI Capital for about $30 million. The mortgage broker was Taylor Snoddy with Minneapolis’ NorthMarq.

Grove at Rosewood was renamed and rebranded as Tides at North Dallas

The 136,272-square-foot complex is on 6 acres. Original construction was completed in 1980. It has 232 units averaging 587 square feet: 216 one-bedrooms and 16 two-bedrooms. Amenities include a swimming pool, a playground, a courtyard, covered parking, a fitness center, a barbecue/picnic area and a clubhouse.

Nearby is Tides at Esperanza, another commuter-friendly complex the company recently purchased. Both are close to the “High Five” interchange that connects IH-75 and IH-635—one of the area’s most trafficked set of roads.

Tides, which specializes in renovating and rebranding older multifamily residential complexes, will spend around $5.5 million on upgrades to the project. It will be outfitted with materials and specific touches—specific fixtures and finishes, slatted wooden fences and trim, white exterior walls, bocce courts and the like—that brand it as a Tides property.

This purchase is Tides’ 32nd acquisition in the Dallas-Fort Worth area. The company bought $1.5 billion in multifamily properties in the metro in 2021. It has been expanding in the Western and Southwestern United States since 2016 and has now acquired 106 properties in the region.