CHEVY CHASE, MD - FCP announces the $71.5 million acquisition of Tides at South Tempe, a 442-unit apartment community in Tempe, Arizona through a joint venture with Tides Equities. The acquisition marks FCP's first investment in Arizona as the company continues to expand its national footprint.
"FCP has been seeking the right opportunity to invest in the Phoenix area and Tides at South Tempe provided us with an opportunity to invest with an established partner in this market," said FCP Vice President for Acquisitions concentrating on FCP's Western U.S. investments, Bart Hurlbut. Mr. Hurlbut continued, "We are excited to have a presence in this very strong market and are actively looking to buy here as well as provide joint venture equity, preferred equity and mezzanine debt for acquisitions, recapitalizations of existing partnerships and development."
FCP and Tides Equities will continue in-unit renovations that have been underway.
"Tides at South Tempe provides an excellent opportunity for partnership between Tides Equities and FCP, acquiring immediate scale in a strong submarket with a proven value-add strategy," said Ryan Andrade, Co-Founder and Principal of Tides Equities. "The asset has received extensive exterior and deferred maintenance improvements over the past 18 months, and is now primed to capture significant upside via the continuation of the interior unit renovation plan and the strong fundamentals of the market and submarket."
Tides at South Tempe is located close to Superstition Freeway and Interstate 10, proximate to major job centers, downtown Tempe, downtown Phoenix and the Phoenix Sky Harbor International Airport. Residents enjoy convenient access to shopping, restaurants and entertainment areas. The community features studio, one and two-bedroom units with luxury touches including hardwood flooring, quartz countertops, stainless steel appliances and balconies or patios.