Tides Equities announced a big acquisition in Dallas on Monday — a multifamily property on which it spent upward of $50 million, according to a person familiar with the deal.
The California investment firm bought Chelsea on Southern at 5838 Southern Boulevard in Far North Dallas. The transaction was brokered by Rob Key and Caroline Scruggs of JLL, which has its U.S. headquarters in Chicago.
Built in 1998, Chelsea on Southern is a garden-style community with nine two-story buildings on a 2.5-acre site. It has 228 units made up of studios and one- and two-bedroom apartments with an average unit size of 909 square feet. Its community amenities include swimming pools, a fitness center and a pet-friendly park.
Tides, which specializes in value-add multifamily real estate, will invest $4.25 million in capital improvements in the property and will rebrand it Tides at Midtown.
Tides has been expanding across the western and southwestern United States for several years. It has been especially active in the Dallas-Fort Worth area, where it first expanded in 2016. The L.A.-based company paid more than $165 million for three Dallas properties last month and dropped $172 million on two Dallas-Fort Worth multifamily complexes in January.
Tides at Midtown is the company’s 38th acquisition in the greater Dallas area and its 122nd acquisition in the Western U.S. since 2016.