JV Acquires US$72 million Phoenix Multifamily
TEMPE, AZ – The joint-venture partnership of FCP and Tides Equities has acquired a 442-unit apartment community in Tempe, AZ in a US$71.5 million transaction.
The multifamily community, Tides at South Tempe features studio, one- and two-bedroom units. The property’s units offer hardwood flooring, quartz countertops, stainless steel appliances, balconies and patios.
The community is located near Superstition Freeway, Interstate 10 and in close proximity to downtown Tempe, downtown Phoenix and Phoenix Sky Harbor International Airport.
FCP and Tides Equities will carry-out in-unit renovations that are currently underway.
The acquisition represents FCP’s first investment within AZ, as the company aims to expand its national footprint.
“FCP has been seeking the right opportunity to invest in the Phoenix area and Tides at South Tempe provided us with an opportunity to invest with an established partner in this market,” said FCP VP of acquisitions, Bart Hurlbut.
“We are excited to have a presence in this very strong market and are actively looking to buy here as well as provide joint venture equity, preferred equity and mezzanine debt for acquisitions, recapitalizations of existing partnerships and development,” he added.
For his part, Ryan Andrade, co-founder and principal of Tides Equities said that at South Tempe provides an excellent opportunity for partnership between Tides Equities and FCP, acquiring immediate scale in a strong submarket with a proven value-add strategy,
“The asset has received extensive exterior and deferred maintenance improvements over the past 18 months, and is now primed to capture significant upside via the continuation of the interior unit renovation plan and the strong fundamentals of the market and submarket,” he stressed.