Tides Equities buys apartments in North Dallas
Tides Equities continued to expand in Dallas with the acquisition of 252 Lakewood Greens units. The seller was AHC Funds, according to Dallas County records.
The buyer has secured $ 42.4 million in acquisition financing from Asia Capital Real Estate (ACRE), according to public records. The new owner renamed the property as Tides at Lakewood.
The asset was last traded in 2014, when AHC bought it from FPA Multifamily, according to data from Yardi Matrix. The new acquisition cancels three CMBS loans on the property that were due to mature next year. The financing included an assumed loan of $ 13.2 million and two additional notes of $ 4.5 million and $ 3 million.
Tides at lakewood
Located at 7150 E. Grand Ave., the community offers one, two and three bedroom apartments with floor plans ranging from 508 to 1,041 square feet. The property built in 1986 has 17 two- and three-story buildings on a site of nearly 10 acres.
Community amenities include a clubhouse, picnic and barbecue area, swimming pool, spa, fitness center, and pet park. Tides at Lakewood is on the north side of Tennison Park Golf Course and borders the 4 mile Santa Fe Trail that connects the area to White Rock Lake. The Gaston Avenue commercial corridor is 1 mile to the north and downtown Dallas 8 miles to the southwest.
This is just the latest in a series of deals involving Tides Equities. The value-added investor has acquired more than 25 multi-family assets in the Sun Belt this year alone, including major investments around Dallas and Phoenix.