CBRE sells Tuscany Palms in Mesa for $83M
CBRE arranged the sale of the 582-unit multifamily community Tuscany Palms in Mesa, Ariz. on behalf of a partnership between Investcorp and BH Equities to Tides Equities for $83 million.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch, and Mark McFate of Phoenix Multifamily Institutional Properties represented the sellers.
Located at 901 S. Country Club Drive in Mesa, Ariz., Tuscany Palms features a recently updated resort-style pool and entertainment area adjacent to a modern two-story clubhouse. Additional amenities include a fitness center, canopied playground, sand volleyball and basketball courts, and barbeque areas with covered seating.
“Tuscany Palms presented an excellent opportunity to acquire immediate scale in a high-growth market,” said Gunter. “The community’s amenities are among the best in the area and Mesa’s population continues to expand, driving demand for quality apartments like Tuscany Palms.”
Mesa is the third-largest city in Arizona and the 35th largest city in the United States. Mesa added approximately 71,000 new residents from 2010 to 2020, a 16.2 percent increase. The submarket’s multifamily occupancy in the third quarter of 2020 was 97.4 percent.
“This is our eighth acquisition in Phoenix this year with another three in escrow set to close before year end, bringing our total to 11 on the year,” said Tides Equities founder Sean Kia. “Phoenix presents one of the best investment environments in the country and we continue to look for additional opportunities.”
Tides Equities has purchased approximately 8,800 units over the past four years in Phoenix and remains one of the most active buyers in the market.