California investment firm Tides Equities has made yet another acquisition in the Dallas-Fort Worth area, this time snapping up the 423-unit Solaris apartment community in Dallas.
The transaction was brokered by Taylor Hill of Institutional Property Advisors, but the financial terms of the transaction were not disclosed. Neither party responded for comment.
This marks the investment firm’s 45th acquisition in the Dallas-Fort Worth area, and their 137th acquisition in the Western U.S. since 2016. So far in Dallas, they have focused on the acquisition of large-scale multifamily apartment communities with an eye towards renovating and rebranding.
The Solaris community, which was built in 1983, will be rebranded as “Tides on Leisure” after a $9.5 million renovation.
The apartment complex has 33 buildings with one-, two- and three-bedroom residences, with an average unit size of about 762 square feet. It also has a resort-style swimming pool, outdoor BBQ areas, a playground, a clubhouse, and a fitness center.
Its location at 11515 Leisure Drive offers easy access to both Interstate 635 and Highway 75 and a quick commute to some of the DFW’s major employment centers in Downtown Dallas, Plano, Allen, and McKinney. It is also located close to the Dallas College Richland campus, which serves about 4,195 students and 150 full-time faculty.
Tides Equities has been on a buying spree in North Texas. Recent purchases include the 274-unit Copper Creek, and the 6-acre, 136,272-square-foot Grove at Rosewood complex, both of which were priced at around $30 million.
One of Tides’ largest acquisitions so far in the North Texas market was the 1,037 units it acquired through the purchase of three properties across the DFW metro for $165 million in April.
Two of those — the 340-unit garden-style community of Firefly and the 3-acre, 117-unit community of Foxglove — are both located in northeast Dallas’ Town Creek neighborhood. The third, Overlook Ranch, is the largest of the three, with 580 units on about 20 acres about 20 miles northeast of downtown Dallas.
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