January 25, 2022
Epic Investment Services Secures Two Acquisitions in Phoenix, Arizona, for Value-Add Fund
Epic Investment Services is pleased to announce the acquisition of Urban 188 and Urban 96 (“Urban Phoenix”), two adjacent residential rental properties in Phoenix, Arizona, as part of its US Multifamily Real Estate Fund I LP (“the Fund”).
“The multifamily asset class is a resilient but competitive market. Epic continues to execute on its Fund strategy by staying disciplined in sourcing the right product in key US market areas and with specific characteristics,” said Jeffrey Kohn, Co-CEO of Epic. “We are pleased to have acquired these two high-quality assets for our Fund in the strong Phoenix market.”
The 188-unit and 96-unit garden-style buildings, comprising 132,675 square feet and 4.42 acres in central Phoenix, are strategically located in a high rent-growth area with prime access to well-established and strong employment nodes. The buildings are situated in close proximity to the Valley Light Rail system and Highway I-17 which provides direct access to downtown Phoenix.
The acquisition provides a unique opportunity for in-suite renovation, outdoor amenity upgrades and operational efficiencies to gain greater value creation and support the growing residential market. Phoenix’s population is projected to grow more than double the national growth rate over the next 10 years and the city is expected to be home to nearly two million residents.
About Urban Phoenix
Urban 188 is a 94,250-square-foot building and Urban 96 is a 38,425-square-foot building; both have a combined occupancy rate of 92%. The buildings consist of studio and one- and two-bedroom units within a gated community featuring swimming pools, a yoga deck, dog parks, outdoor lounge areas and outdoor BBQ and picnic areas. Both buildings are located near freeway access and along the 28.2-mile Valley Metro Rail, making them less than a 15-minute commute to several major employment corridors.
The Fund Portfolio
Urban Phoenix represents the fourth acquisition for the Fund which launched in 2021, bringing the total units within the Fund to approximately 555 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.
About Epic Investment Services
Epic Investment Services, which includes its wholly owned subsidiary MDC Realty Advisors in the United States, is a fully integrated North American real estate platform. Headquartered in Toronto, Ontario, Canada, and operating from offices in Canada and the United States, Epic has over $17.5 billion in assets under management. Epic’s portfolio comprises over 30 million square feet of office, retail, industrial, and multi-family residential properties.