CIM Group and Tides Equities have partnered to purchase Del Mar Terrace for $255 million. The 1,012-unit property is the largest market-rate asset in Phoenix. Based on the price tag, this was the second largest multifamily transaction in Phoenix history.

CIM Group and Tides purchased the property from the original developer, and they plan to rebrand the property as The Tides on 71st. The rebrand will include a $19 million capital investment to make improvements. Located on a 34.9-acre site in Phoenix's Maryvale submarket, the sprawling property features 48 two-story buildings with one- and two-bedroom floorplans and community amenities, including pools, state-of-the-art fitness center, clubhouse, playground, soccer field and picnic areas.

The property aligns with CIM Group's strategy to acquire apartment communities in growth markets, and this submarket in particular was flagged for "exceedingly strong rent growth and upward trajectory," according to Ryan Andrade, co-founder and principal of Tides Equities, which has also been active in the market, purchasing 57 apartment communities since 2016.