Tuesday, May 7, 2019 / by Juan Grimaldo
(Image: Provided by Tides Equities)
Los Angeles-based Tides Equities LLC has scooped up about 1,000 apartment units around Phoenix this year. Pictured is a property at 5401 E. Thomas Road, Phoenix. The investor also has three other Valley properties in escrow.
The exterior will be renovated to include the Tides signature beach wood horizontal siding that is on all Tides properties.
The property is 95% occupied, which is near the 95.2% occupancy rate of apartment communities with 10 or more units, according to ABI first-quarter report issued May 6. The 95.2% average occupancy rate is a 0.1% year over year increase.
Average rents in metro Phoenix are $1,131, up $88 from first-quarter 2018, according to the ABI report.
The company owns about 4,000 units in metro Phoenix, with three more properties totaling 600 units in escrow. Kia expects those three properties to close in July. One of them is in north Phoenix, another is in Arcadia and another is in downtown Tempe.
By Angela Gonzales Senior Reporter, Phoenix Business Journal