Tides Equities has acquired Park at Stone Creek, a 420-unit multifamily property in Austin, Texas. Turner Impact Capital was the former owner of the asset, Yardi Matrix data shows.
The garden-style asset will undergo a rebranding and upgrading process, being now dubbed The Tides on North Plaza, with the improvement budget at about $8.8 million.
Located at 9200 N Plaza on 10.2 acres site near Central Austin, the property was built in 1983 and encompasses 34 two- and three-story buildings. The community comprises one- and two-bedroom units, the average size being 750 square feet. Common-area amenities include two swimming pools, picnic areas, a community park, a business center, sport court and a fitness center.
The property is located in the Heritage Hills neighborhood, next to Interstate 35, 7.6 miles from University of Texas at Austin, 9.2 miles from The Domain retail center and 13.9 miles from Austin-Bergstrom International Airport.
The sale was brokered by Andrew Dickson of Newmark and is Tides Equities’ fourth acquisition in the Greater Austin area.
Tides on North Plaza is located close to Tides at Mueller, the company’s third acquisition in Greater Austin, which sold for $30 million.