Epic Investment Services Buys Two Multifamily Properties in Phoenix for $52M
PHOENIX — Canada-based Epic Investment Services, through its Epic Multifamily Real Estate Fund I, has acquired Urban 188 and 96, two apartment communities located at 1601 and 1545 W. Camelback Road, respectively, in Phoenix. Urban 1601 Property sold the properties for $52 million.
Built in 1967, Urban 96 sold for $17 million, and Urban 188, which was built in 1970, sold for $35 million. The two properties offer a total of 284 apartments in a mix of studio, one- and two-bedroom units averaging 467 square feet. At the time of sale, the properties were approximately 98 percent leased.
Chris Roach, Brad Cooke, Matt Roach and Cindy Cooke of Colliers in Arizona negotiated the transaction. Fidelity National Title handled the title and escrow for the sale.