Tide Equities Sells Phoenix Rental Asset for $41M
Nitya Capital acquired the 274-unit Tides on McDowell for $41 million. Nitya Capital assumed the financing from the current lender as part of the transaction. The multifamily community is located at 4620 W. McDowell Rd. in Phoenix, Arizona.
Northmarq’s Jesse Hudson, Logan Baca and Chris Michl represented the seller, Tides Equities.
Built in 1985 and sitting on roughly 13.06 acres, Tides on McDowell features 27 two-story buildings with studio, one-bedroom, and two-bedroom floor plans. The property features a diverse mix of renovated, partially-upgraded and classic units. Community amenities include a swimming pool, soccer field, playground, leasing office, fitness center, outdoor grilling area, clubhouse, laundry facilities, and gated access.
Tides on McDowell is situated within Phoenix’s Westside neighborhood, offering residents convenient access to major employment centers, retail and transportation corridors throughout the greater Phoenix metropolitan area. It is situated with close proximity to Interstate 10 access, and it is roughly six miles west of downtown Phoenix.
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout