Tides Actions acquired two Las Vegas communities totaling 725 units for nearly $ 143 million. The Midtown National Group sold the AYA of 557 units for $ 105.9 million, while Capital Nitya parted company with the 168-unit Hargrove residence for $ 36.9 million. The new owner has renamed the properties as Tides at North Paradise and Tides at East Summerlin.
NorthMarq facilitated both transactions. Loan capital provided acquisition funding for the small community, according to Clark County records.
North Paradise Tides were last traded in early 2019, when the current seller bought it for $ 51 million from 3D Investments, according to Yardi Matrix data. Meanwhile, Tides in East Summerlin had already changed hands in late 2020, when Avenue North sold it for $ 23.4 million.
The new owner intends to reposition the two communities with a capital improvement plan totaling $ 13 million.
The two properties
Located on a 29-acre site at 3600 S. University Center Drive, Tides at North Paradise offers studios as well as one- to four-bedroom apartments with configurations averaging 867 square feet. The property comprises 36 buildings completed in 1972.
Located at 6250 Hargrove Ave., Tides at East Summerlin offers one and two bedroom units with floor plans averaging 795 square feet. The community built in 1984 comprises nine garden-style buildings on nearly 7 acres.
Less than a mile from SeaQuest Las Vegas, Tides at North Paradise is approximately 4 miles south of downtown Las Vegas, while Tides at East Summerlin is less than 6 miles from downtown and approximately 4 miles from North Las Vegas airport.
Facilities at both properties include play areas, laundry facilities, picnic and barbecue areas, and swimming pools. Tides at East Summerlin also offers a pet resort, while Tides at North Paradise has a basketball court, fitness center, and game room.
A series of acquisitions across the Sun Belt
These latest purchases mark Tides’ thirteenth acquisition in Greater Las Vegas and the company’s 96th acquisition in the western United States in the past six years. Last November, Tides Equities expanded its presence in Phoenix with the acquisition of three communities totaling 590 units for a total of $ 120.2 million.
The company closed 2021 with a deal volume of over $ 4.3 billion, representing 77 deals for 21,000 units. The bulk of those acquisitions scored, for which Tides Equities set aside $ 3.4 billion.