Tides Equities Reviews

Low pay compared to the market, culture is below - average

Where do I start... can't wait to be interviewed in a documentary on the fall of Tides. We can start at the beginning where two egotistical, ignorant millennials who thought they could revolutionize multifamily investing hit the jackpot by being in the right place at the right time... they bet big on acquiring class c/d 1960-1980s properties at sub 4% cap rates across the sunbelt during the covid recovery years where rents were 20%+ year over year, occupancy and valuations were hitting all-time highs, and interest rate was hitting all-time lows. They thought they were flying high when in reality they're just a piece of trash caught in a jet stream. After selling a hand full of these initial investments at seemingly great returns (again right place and right time), they were able to raise large amounts of capital (hundreds of millions) - this I would give them credit for as great salesmen because they aren't scared to lie to your face. With this new wave of capital they went all-in again on an buying spree sometimes closing on 2-3 deals in any given week. The only difference is this time is that the music stops and when the tide goes out, you find out who's been swimming naked. The principals had zero skin in the game since they simply converted their hefty acquisition fee as their GP capital. They were making hundreds of thousands of dollars every month off of asset management and construction management fees all while their properties were burning to the ground (some literally). The mirage that they once thought was an oasis turned out to be billions of dollars of underwater loans that were unserviceable and tens of millions of dollars in payables that triggered hundreds of liens against the whole Tides portfolio from various contracted vendors. If a kid goes behind a wheel and causes an accident you blame the adults, right? The lenders and equity partners were just as asleep at the wheel as Tides was. Every day that Tides exists is the definition of investors or lenders throwing good money after bad. They do not have the experience to invest or operate through a market cycle nor do they have the team anymore. Since 80% of their staff were laid off or jumped the sinking ship, those who are still there either can't get an opportunity elsewhere or because they're cheap enough to keep around for the admin work that needs to be done as a skeleton crew. Will all these lawsuits bombarding Tides, I'm sure many of their former employees will be subpoenaed as a witnesses to testify how shady things were at Tides.