PHOENIX, AZ – CIM Group, an owner, operator, lender and developer of community-focused real estate and infrastructure, in partnership with Tides Equities, a leading investment firm specializing in value-added multi-family real estate in the western United States, 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 multi-family sale in a only asset 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 of 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 pools, a fitness center ultramodern shape, a clubhouse, a playground, soccer field and picnic areas. Maryvale Submarket offers a robust cultural scene, strong school systems, and easy access to major employment centers, attributes that make it an attractive residential area.
“CIM Group actively acquires well-located apartment communities in growing markets with high demographics, and close to retail, entertainment and leisure businesses such as Del Mar Terrace. This is an established community where we will invest in a program of improvements that will benefit current and future residents,” said Shaul Kuba, Co-Founder and Director of CIM Group.
“As the largest fully market-rate property in Arizona, Del Mar Terrace offers Tides Equities and CIM immediate scale in a submarket that continues to experience extremely strong rental growth and an upward trajectory. Purchased off-market from the original developer in 1985, Del Mar Terrace is in unique classic condition and is ready for a complete overhaul and makeover from Tides,” said Ryan Andrade, co-founder and director of Tides Equities. This purchase marks the 57th anniversary of Tidesand acquisition in the greater Phoenix area and the team’s 107and acquisition in the western United States since 2016.
Acquired from the original owner, the partnership will rebrand the community as The Tides on 71st and executing an approximately $19 million capital improvement plan to renovate and modernize this massive property.
Del Mar Terrace is located at 7007 W. Indian School Rd., near several top 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 close to the I-10, US-60 and Loop 101 freeways, providing easy access to downtown Phoenix, downtown Glendale, Scottsdale and Tempe, and less than 20 minutes drive from Phoenix Sky Harbor Airport.