Tides Equities, LLC, an entity formed by Tides Equities out of Los Angeles, California was the buyer. Tides Equities is a commercial real estate investment company focused on investments throughout the Western United States. They specialize in well-located, Class-B and Core Plus multifamily real estate with high value-add upside. Tides Equities brings institutional grade acquisitions acumen and operational efficiency to the traditionally non-institutional realm of real estate.
The HSK Team – Bill Hahn, Trevor Koskovich, and Jesse Hudson of Colliers International in Phoenix represented the seller. Seville Garden Apartments, LLLP, an entity formed by ReNUE Properties out of Scottsdale, Arizona was the seller. ReNUE Properties is a real estate investment firm specializing in the acquisition and rejuvenation of under-preforming, multi-family properties. Their strategy is restoring distressed properties into thriving communities.
“The buyer plans on continuing the interior upgrade program already initiated by the owner,” says Koskovich. “Within close proximity to Arizona State University, they will capitalize on increasing student housing demand from one of the largest undergrad student populations in the country.”
ReNUE on Orange consists of 5 buildings with 97,890 square feet of space situated on 2.81 acres. The community is a blend of 47% 1-bedroom units and 53% 2-bedroom units. Newly renovated units include new wood style flooring, stainless steel appliances, new countertops, brushed nickel hardware, new light fixtures, and paint.
The community is located on the south side of Orange Street just south of University Drive. In the desirable Tempe submarket, the property is less than two miles from Downtown Tempe which contains many employment opportunities, dining options, and recreational amenities. Mill Avenue District, Sun Devil Soccer Stadium, Tempe Town Lake, and Tempe Market Place are all within minutes from the property. Nearby employers include State Farm, Chase Bank, Insight, and Wells Fargo.