CBRE negotiated the sale of the 264-unit multifamily community Palm Valley in Goodyear, Ariz. to Tides Equities for $71.8 million. Tides Equities renamed the community Tides at Palm Valley.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Avanti Residential.
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Built in 1997, the property’s amenities include two resort-style pool and spa areas with covered cabanas, a fitness center, basketball court, resident clubhouse, business center, children’s playground, barbeque and picnic areas, and package lockers. Upgraded units include quartz countertops, new wood-style vinyl plank flooring and carpet, interior paint, new white cabinet
doors and hardware, stainless appliances, kitchen backsplash, new lighting fixtures and new plumbing fixtures.
“The community was the first multifamily project built in Goodyear’s Palm Valley master plan and benefits perpetually from occupying the best site in the entire master plan, right on the golf course,” Cunningham said. “Phoenix’s West Valley is one of the fastest-growing regions in the country, and Goodyear’s multifamily fundamentals are among the best in Phoenix.”
The Avondale/Goodyear market posted the highest net absorption of all submarkets in Metro Phoenix in 2020 with 1,487 units and occupancy at a near-record of 96.7 percent in Q1 2021.
“We are excited to add Tides at Palm Valley to our Phoenix portfolio, and we continue to look for investment opportunities across the region,” said Sean Kia, Tides Equities co-founder.
Tides Equities is one of the most active investors in the Phoenix multifamily market, closing more than 25 combined sales and acquisitions since 2020. Founded in 2005 as Capital Real Estate, Colorado-based Avanti Residential is an investment and management company that specializes in the acquisition, renovation and optimization of multifamily real estate.
Avanti Residential owns and operates 33 properties consisting of 7,820 units in Colorado, Arizona, Kansas, Utah and Florida.
