Tempe’s Economic Fundamentals and Steady Growth Attract Investors

The Tides at Downtown Tempe presented a substantial value-add opportunity for Westmount Realty Capital’s portfolio as it focuses on repositioning the asset, said Brant Brown, COO and CFO of Westmount. Westmount recently acquired the two-story garden-style apartment community located at 615 S. Hardy Dr.

Westmount plans extensive renovations and a rebrand of the property as Westmount at Downtown Tempe. The Tides was originally developed in 1971.

The 227-unit multifamily community consists of one-, two- and three-bedroom units averaging 811 square feet.

The property is Westmount’s third multifamily property in Arizona. Tempe is among the state’s most walkable cities, with some 10,000 miles of hiking trails and 175 miles of bike paths.

 

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