CIM Group, in partnership with Tides Equities, has acquired Del Mar Terrace, a 1,012-unit apartment community in Phoenix, in a $255 million off-market transaction.
Del Mar Terrace is the largest market-rate apartment community, based on unit count, in the greater Phoenix area, and the sale, based on price, is the second-largest single-asset, multifamily sale in Arizona history.
Originally built in 1985, Del Mar Terrace is a classic garden-style community, with 48 two-story buildings spread across the approximately 34.9-acre site in Phoenix’s Maryvale submarket. The property offers spacious one- and two-bedroom apartment residences, with an average unit size of 709 square feet, and access to desirable community amenities including multiple resort-style swimming pools, state-of-the-art fitness center, clubhouse, playground, soccer field and picnic areas. The Maryvale submarket provides a robust culture scene, strong school systems and easy access to top employment cent
