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FCP, Tide Equities Enter JV to Acquire 442-Unit Apartment Community in Tempe, Arizona
Monday 29 June 2020

US-based real estate investment company FCP has entered into a joint venture with Tide Equities to acquire Tides at South Tempe, a multi-family property in Tempe, Arizona, for USD 71.5m, the company said.

The acquisition marks FCP's first investment in Arizona as the company continues to expand its national footprint.

Tides at South Tempe provides an excellent opportunity for partnership between Tides Equities and FCP, acquiring immediate scale in a strong submarket with a proven value-add strategy.

CBRE arranged the debt provided by Truist.

FCP has invested in or financed more than USD 6bn in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets.

Tides Equities is a leading real estate investment company focussed on multifamily investments in the Western United States.

Tides Equities has purchased 28 properties for more than USD 800m in assets in the past two years, making Tides Equities one of the largest buyers and owners of multifamily real estate in the Phoenix metro.
Date Published: 29/06/2020