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Austin

Tides high on Texas’ supply

Cali firm pays $70M for Austin apartments

Tides Equities' Ryan Andrade and Sean Kia with 9200 North Plaza (Tides, iStock)
Tides Equities' Ryan Andrade and Sean Kia with 9200 North Plaza (Tides, iStock)

Tides Equities acquired its fourth Austin multifamily property Wednesday. The company paid more than $70 million for the 34-building apartment complex, according to a person familiar with the deal.

Turner Impact Capital was the seller, and Newmark’s Andrew Dickson brokered the deal.

The Park at Stone Creek at 9200 North Plaza in the Heritage Hills neighborhood east of N. IH-35 has 420 residences in two- and three-story buildings across 10 acres. The units are one- and two-bedroom apartments with an average size of 750 square feet.

L.A.-based Tides will rebrand the complex, which was built in 1983, as the Tides on North Plaza. It plans $8.8 million in renovations.

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The purchase is Tides’ 43rd acquisition in Texas and its 133rd in the Western and Southwestern US since 2016. It bought its third Austin property, a 181-unit multifamily complex at 5700 Cameron Road, for about $30 million in April and rebranded it as Tides at Mueller.

Its second Central Texas purchase was a 636-unit apartment complex at 9811 Copper Creek Drive for more than $100 million, and its first Austin multifamily acquisition was a 217-unit complex at 3622 Menchaca Road that it picked up last October for $43 million with plans for a $5 million renovation.

Rent in Texas’ capital city has been rising at a steady clip. A May Redfin study reported that newly available apartments in Austin were listed for almost double what they had been at the same time in 2021 — the highest year-over-year rise in the nation.

Tides has also been investing heavily in the Dallas area, including a 650-unit complex at 11330 Amanda Lane for $79.5 million last year, a 343-unit property in Dallas’ VIckery Meadow neighborhood for $40 million in January and a 232-unit complex at 13250 Emily Road in North Dallas for $30 million in February.

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