U.S.-based real estate investment trust Tides Equities has bought the 181-unit Solstice at Arcadia Apartments in Phoenix for $26.6 million.

The divestment of the property was subjected to $22.9 million credit by U.S.-based investment firm Colony Capital.

The property consists of amenities such as a fitness centre, a clubhouse, a swimming pool, a spa and 256 parking spaces.

In 2017, U.S.-based investment firm Mayfair Finance Group acquired the property for $12.2 million.