LA firm loses Cave Creek apartment complex in foreclosure auction

Article originally posted on Phoenix Business Journal on June 6, 2025

One of the largest investors in multifamily real estate in the Valley has lost another Phoenix property to foreclosure.

Tides on Cave Creek, a Phoenix apartment complex, sold at an auction on May 28 to lender Mack Real Estate Group (MREG) for $61.2 million, according to Maricopa County documents. It marks the third multifamily apartment property that Tide Equities LLC — a Los Angeles-based investor — has lost at an auction in less than a year.

The 206-unit Cave Creek multifamily complex located at 12810 N. Cave Creek Road in Phoenix was purchased in 2022 for $59 million from an entity tracing to CVG Properties, a Scottsdale private investment firm, according to Maricopa County documents. About $54 million was loaned to Tides Equities by MREG, according to previous Business Journal reporting.

MREG declined to comment on the auction sale, and Tides Equities could not be reached for comment.

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