When it comes to Texas multifamily acquisitions, Tides Equities’ unofficial motto appears to be “can’t stop, won’t stop.” The California investment company just made its second deal of the week in the state, closing on a property in Austin Wednesday and one in Dallas on Thursday.
The latter deal was its acquisition of Plaza del Lago at 3330 Webb Chapel Extension near Love Field in Northwest Dallas. Tides bought the property from Dallas’ Conti Organization for about $32 million, according to a person familiar with the deal. Taylor Snoddy of Minneapolis’ Northmarq brokered the transaction.
The 168,968-square-foot complex has 320 units in two- and three-story buildings on 6.6 acres. Apartments average 528 square feet and are all one- or two-bedroom units. The property will get about $6 million in capital improvements and will be rebranded Tides on Larga.
Headquartered in Los Angeles, Tides specializes in value-add multifamily real estate. It’s been buying across the Western United States — mainly in Arizona, Texas, California and Nevada — since 2016. Tides’ approach is to renovate and rebrand older multifamily residential complexes with improvements that include identical elements—upgraded fixtures and finishes, slatted wooden fences and trim, white exterior walls, bocce courts and other common-area amenities—that make them recognizable as Tides properties.
The purchase is the company’s 34th acquisition in the greater Dallas area and 113th acquisition in the Western U.S. since 2016.