After a string of acquisitions totaling nearly $200 million in the metro, Tides Equities has purchased Tides on Wynn, a 555-unit community in Las Vegas for $113.5 million. 3D Investments sold the property formerly known as Wynn Palms.
Berkadia facilitated the transaction that marks Tides’ ninth acquisition in the Greater Las Vegas area and its 82nd acquisition in the Western U.S. during the last half a decade.
The property last traded for almost a sixth of the price. The current seller had acquired the asset out of foreclosure in 2012, for $19.4 million, according to Yardi Matrix.
Located on more than 20 acres at 3800 Wynn Road, Tides Equities features one-, two- and three-bedroom units with floorplans averaging 727 square feet. Apartment amenities include quartz countertops, stainless steel appliances and in-unit washers and dryers in select units, among others.
Built between 1979 and 1983, the property encompasses 23 two-story buildings and offers three swimming pools, six laundry facilities and a play area. Tides Equities plans to implement a $12 million capital improvements plan that follows the company’s strategy of rebranding and upgrading its communities following each purchase.
Tides on Wynn is within walking distance of several shopping and dining options, as well as the Penn and Teller performing arts theater. Downtown Las Vegas is within 6 miles northeast, while McCarran International Airport is less than 5 miles away. In October, the 456-unit Ely at The Curve, approximately 8 miles away, traded for nearly $156 million.