Tides Equities, a major multifamily investor in Phoenix, lost its Cave Creek apartment complex to foreclosure, with lender Mack Real Estate Group purchasing it for $61.2 million. This marks the third Phoenix-area property Tides has lost at auction within a year, reflecting growing financial difficulties for the firm locally and in other markets like Texas and Las Vegas. Despite investing over $3.3 billion in the Valley since 2016, Tides is now facing significant challenges managing its portfolio.
