PHOENIX, AZ - CIM Group, a community-focused real estate and infrastructure owner, operator, lender, and developer, in partnership with Tides Equities, a leading investment firm specializing in value-add multifamily real estate throughout the Western U.S., announced that it has acquired Del Mar Terrace, a 1,012-unit apartment community in Phoenix, Arizona in a $255 million off-market transaction. Del Mar Terrace is the largest market rate apartment community, based on unit count, in the greater Phoenix area, and the sale, based on price, is the second-largest, single asset, multifamily sale in Arizona history.
Originally built in 1985, Del Mar Terrace is a classic garden-style community, with 48 two-story buildings, spread across the approximately 34.9-acre site in Phoenix’s Maryvale submarket. The property offers spacious one- and two-bedroom apartment residences, with an average unit size of 709 square feet, and access to desirable community amenities including multiple resort-style swimming pools, state-of-the-art fitness center, clubhouse, playground, soccer field, and picnic areas. The Maryvale submarket provides a robust culture scene, strong school systems and easy access to top employment centers, attributes that make it an attractive residential area.
“CIM Group is actively acquiring well-located apartment communities in growth markets with strong demographics, and nearby retail, entertainment and recreation amenities such as Del Mar Terrace. This is an established community where we will invest in program of improvements that will benefit current and future residents,” said Shaul Kuba, Co-Founder and Principal, CIM Group.
“As the largest fully market rate property in Arizona, Del Mar Terrace provides Tides Equities and CIM immediate scale in a submarket that continues to see exceedingly strong rent growth and upward trajectory. Procured off-market from the original developer in 1985, Del Mar Terrace is in uniquely classic condition and is primed for a full Tides rebrand and transformation,” said Ryan Andrade, Co-Founder and Principal, Tides Equities. This purchase marks Tides’ 57th acquisition in the greater Phoenix area and the team’s 107th acquisition in the Western U.S. since 2016.
Acquired from the original owner, the partnership will rebrand the community as The Tides on 71st and execute an approximately $19 million capital improvement plan to renovate and upgrade this high-profile property.
Del Mar Terrace is located at 7007 W. Indian School Rd., conveniently near several premier entertainment and professional sports venues such as Gila River Arena and the Westgate Entertainment District, State Farm Stadium, and Camelback Ranch-Glendale. The property is near the I-10, US-60, and Loop 101 freeways, providing easy access to Downtown Phoenix, Downtown Glendale, Scottsdale, and Tempe, and is within a 20-minute drive to Phoenix Sky Harbor Airport.