Los Angeles-based Tides Equities LLC has closed on two of the properties it had in escrow, with another five deals set to close.
These large multifamily transactions are an indication that the multifamily market is heating back up again in a big way.
Tides Equities was in escrow on seven Valley apartment properties totaling 2,400 units earlier this month. Those seven properties average 94.5% occupancy.
The investor teamed up with Chevy Chase, Maryland-based FCP to buy the 515-unit Solara at Mill Avenue in Tempe for $77 million.