TEMPE, AZ – The joint-venture partnership of FCP and TidesEquities has acquired a 442-unit apartment community in Tempe, AZin a $71.5 million transaction.

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The multifamily community, Tides at South Tempe features studio,one- and two-bedroom units. The property's units offer hardwoodflooring, quartz countertops, stainless steel appliances, balconiesand patios. The community is located near Superstition Freeway,Interstate 10 and in close proximity to downtown Tempe, downtownPhoenix and Phoenix Sky Harbor International Airport.

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FCP and Tides Equities will carry-out in-unit renovations thatare currently underway.

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The acquisition represents FCP's first investment within AZ, asthe company aims to expand its national footprint.

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"FCP has been seeking the right opportunity to invest inthe Phoenix area and Tides at SouthTempe provided us with an opportunity to invest with anestablished partner in this market," said FCP VP of acquisitions,Bart Hurlbut. "We are excited to have a presence in this verystrong market and are actively looking to buy here as well asprovide joint venture equity, preferred equity and mezzanine debtfor acquisitions, recapitalizations of existing partnerships anddevelopment."

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"Tides at South Tempe provides an excellentopportunity for partnership between Tides Equities and FCP,acquiring immediate scale in a strong submarket with aproven value-add strategy," said RyanAndrade, co-founder and principal of Tides Equities. "Theasset has received extensive exterior and deferred maintenanceimprovements over the past 18 months, and is now primed to capturesignificant upside via the continuation of the interior unitrenovation plan and the strong fundamentals of the market andsubmarket."

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Exterior Multifamily and PoolTides at South Tempe in in Tempe, AZ.

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Ingrid Tunberg

Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.