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.
Recommended For You
Phoenix, of course, has been a top target market for investors for the last several years, thanks largely to strong inward migration from people looking for affordability. Since 2009, there have been $42 billion in apartment transactions in the market, with prices increasing 156%. Affordability is a key driver of growth, and investors like the favorable yield profile.
During the pandemic, investment activity paused for only 90 days before taking off again, and there are dozens of examples of investors increasing allocation and footprint in the market, from SB Real Estate's acquisition of three Phoenix properties this year, including Bloom 24, a 114-unit garden-style apartment community for $34.2 million to ZOM Living entering the metro last year with plans to invest $500 million in the market and build more than 1,600 units in North Phoenix, Scottsdale and the Biltmore District. And, last month, SAM Residential Group has acquired 1408 Casitas at Palm Valley, a 168-unit apartment property in Avondale, a submarket of Phoenix, for $36 million from 29th Street Capital. The deal is a value-add play for the investor.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Kelsi Maree Borland
