L.A.-based Tides Equities closed on two multifamily properties in Fort Worth, paying more than $40 million for Wyndham Pointe and Madison Park, according to a person familiar with the deal. The transaction was brokered by Taylor Snoddy of Northmarq.
Tides on Boca Raton North, Fort Worth (Tides)
Built in 1977, Wyndham Pointe at 708 Quail Wood Lane has 200 units in 17 two-story buildings on nine acres. It has one-, two- and three-bedroom floor plans, with an average unit size of 798 square feet.
Madison Park at 5950 Boca Raton Boulevard was built in 1978. It’s on about six acres and has 140 apartments in 10 two-story buildings. It has one- to three-bedroom units with an average unit size of 777 square feet. Both complexes include dog parks, playgrounds, swimming pools and grilling and picnic areas.
Tides on Boca Raton North, Fort Worth (Tides)
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Both properties are near the I-30 and Highway 820 interchange in the Woodhaven neighborhood of northeast Fort Worth and are part of the East Fort Worth submarket.
The apartment complexes will be rebranded as Tides on Boca Raton North and Tides on Boca Raton South. Tides Equities plans to spend $5.75 million in capital improvements on them. The purchase marks the firm’s 42nd acquisition in the greater Dallas area and 129th acquisition in the Western United States since 2016.