Los Angeles-based Tides Equities acquired Copper Creek, a 274-unit apartment community in Fort Worth, in a transaction brokered by Al Silva of Marcus & Millichap.
With a specialty in multifamily real estate throughout the West, Tides Equities’ acquisition of Copper Creek is their 43rd acquisition in the rapidly growing Dallas area and their 130th acquisition in the Western U.S. since 2016. The price was “north of $30 million,” according to a person familiar with the transaction.
“We found a good deal and we hope to get good out of it,” said Hunter Wyland, a Tides analyst. “It’s a great deal to expand our footprint out in Fort Worth.”
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Built in 1986, Copper Creek is a 274-unit garden-style community with 17 two- and three-story buildings spread across approximately six acres. Located in East Fort Worth at 6011 Oakland Hills Dr. Fort Worth, TX 76112, the community offers one- and two-bedroom apartments, with an average unit size of 753 square feet, and access to several desirable community amenities.
These include two resort-style swimming pools – one of which has a volleyball net – a clubhouse, an outdoor BBQ, picnic areas, pet-friendly park and accommodations, and a turf soccer field and playground.
Tides Equities plans to rebrand the community as Tides on Oakland Hills and to invest in an approximately $6 million capital improvement plan to renovate and upgrade it. Wyland said Tides plans to keep the garden style footprint of the community after the renovation, and have a full plan to update the exterior and interior of several units to better accommodate the needs of Dallas-Fort Worth residents.
The East Fort Worth submarket is one of the strongest performing submarkets in DFW, offering immediate access to some of the metroplex’s largest employers, world-class entertainment venues, and high-end educational systems. Tides at Oakland Hills will have direct access to all of these as well as the I-30 and Highway 820 interchange, which accommodates 225,000 visitors per day.
With a current population of more than 7.7 million residents, the Dallas-Fort Worth metroplex ranks as the fourth-largest metro in the country, soon to be the third. Tides Equities hopes to accommodate the growing needs of new residents as the hub continues to expand.
“With the DFW growth that what we’re seeing with a lot of these communities as we kind of go into them is the need to drive up demand for residents who typically overlook those properties,” Wyland said.
“Our properties tend to attract a younger demographic. If people want Class A living, if they want to save some money, they can look at these properties.”