Rise48 Equity Sells Villa Serena Apartments in Phoenix to Tides Equities for $32M

by Amy Works

PHOENIX — Rise48 Equity has completed the disposition of Villa Serena, a multifamily community located near Interstate 17 in Phoenix. Tides Equities acquired the property for $32 million, or $233,577 per unit.

Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

Constructed in 1982 on five acres, Villa Serena features 137 apartments in a mix of one- and two-bedroom layouts, with 54 percent of the property being two-bedroom/two-bath units. All apartments include private patios or balconies with exterior storage space and washers/dryers. Community amenities include a swimming pool with poolside loungers and ramada, business center and reserved covered parking.

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