CBRE announced the sale of Superstition Vista, a 464-unit apartment community, and The Meadows, a 306-unit multifamily property, in Mesa, Ariz. to Tides Equities.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller, IMT Residential, a private commercial real estate investor and developer, in the transactions.
Superstition Vista is located at 450 S Acacia and The Meadows is located at 2151 E. Southern Avenue.
Situated less than one mile from each other, both properties feature low-density site plans with one- and two-bedroom units in mostly all two-story buildings. The two garden communities were built between 1984 to 1987 with the majority of units remaining in their original condition.
“The two communities represented the opportunity to acquire critical mass in an outperforming multifamily submarket,” said Anderson. “Well-positioned value-add investment opportunities are in high-demand and this portfolio generated significant interest from private investors and institutional buyers.”
The apartment market in the Greater Phoenix area has seen more than 21.6 percent rent growth since 2020, leading the nation, according research. The demand for multifamily investments in the region is buoyed by strong in-migration as well as companies relocating to or expanding within the area. Current low interest rates and available financing are also lifting the region’s multifamily market.
“We are very thrilled to add these two fantastic assets to our portfolio as we are very bullish on the job and rent growth prospects in the Mesa submarket,” said Tides Equities Co-Founder Sean Kia.
Tides Equities has purchased 58 assets across the western U.S. in 2021 totaling $3.5 billion in acquisition volume.