July 27, 2022
Epic Investment Services Acquires Asset in Tempe, Arizona for Value-Add Fund
Epic Investment Services is pleased to announce the acquisition of Villatree Apartments (“Villatree”), a 150-unit, garden-style community in Tempe, Arizona, as part of its US Multifamily Real Estate Fund I LP (“the Fund”). The acquisition of Villatree results in 100% of committed capital being called from a diversified investor pool.
The 11 two-storey buildings, comprising 122,285 square feet, are strategically located in close proximity to strong employment nodes and only 2.5 miles from Arizona State University (ASU). The property offers easy access throughout Tempe, Mesa and Greater Phoenix via Loop 101 and Loop 202 and walkable access to the Valley METRO Light Rail.
The acquisition provides a unique opportunity for in-suite renovation, outdoor amenity upgrade and operational efficiencies to generate value and support the growing residential market. The property is situated in the North Tempe/University submarket, an area that experienced strong rent growth of 25.37% over the past year while maintaining the highest occupancy rate in Greater Phoenix at 98.06%
About Villatree Apartments
Villatree is a 150-unit apartment community located in Tempe, AZ and spans 8.22-acres. The unit mix is comprised of studio, one-and-two-bedroom floor plans with an average unit size of 815 sf. Units include fully equipped kitchens with dishwashers and garbage disposals, sizable closets, ceiling fans, and French door access to private patios/balconies. Residents of Villatree take advantage of many on-site amenities including two swimming pools, community playground, laundry facilities, and covered parking.
The Fund Portfolio
Villatree represents the fifth acquisition for the Fund that launched in 2020. With the recent disposition of Las Brisas, the Fund currently has approximately 529 units across key markets. The Fund’s focus is value-add multifamily assets that are located in select US-employment-rich areas with proven population growth and reliable infrastructure to ensure enhancement opportunities.