Texas-based firm buys Phoenix multifamily complex for $41 million

Article originally posted on CoStar on July 9, 2026

Nitya Capital, a Texas-based multifamily operator, has acquired Tides on McDowell, a 274-unit apartment complex in Phoenix, from Tides Equities for $41 million, or $149,635 per unit.

As part of the transaction, Nitya Capital assumed $36 million in existing financing from the current lender. The property at 4620 W. McDowell Road was 90.1% occupied at the time of sale, according to CoStar data.

Built in 1985 and renovated in 2018, the property spans 27 buildings with studio, one- and two-bedroom floor plans on approximately 13 acres. The complex is situated near Interstate 10, roughly 6 miles west of downtown Phoenix, offering residents access to major employment centers, retail and transportation corridors throughout the greater Phoenix metropolitan area.

Nitya Capital plans to renovate and rebrand the apartments following the acquisition.

The property previously sold in 2021 for $59.6 million.

Jesse Hudson, Logan Baca and Chris Michl of Northmarq represented the seller in the transaction.