A 49-unit multifamily complex at 4021-4025 N. 40th St.,
Phoenix, sold for $3,200,000 or $65,306 per door. The new owners of the
Tidewood Apartments plan to modernize the 51-year-old property.
The Lee & Associates multifamily team of Bryson Fricke, Multifamily
Properties and Todd Braun, Principal, represented the ownership, Campbell
Lodging, Inc., Anaheim, CA. The buyer was KSA Equities, LLC, Beverly Hills, CA.
The cap rate for the sale was in the high 5% range.
KSA Equities are planning extensive upgrades inside and out in an eff ort
to better compete with other area properties. The complex will be renamed
Tides at Arcadia. “KSA liked the strong value-add dynamics of Tidewood and all
the improvements at the intersection of Indian School Rd. and 40th St.,” Fricke
Built in 1965-1966, the property consists of 48 one-bedroom and 1 twobedroom
units. The complex features two pools in a tropical setting. It is close
to area shopping, bus lines and just minutes to Scottsdale.