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March 29, 2024
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FINANCING NEWS
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EPIC Multifamily Real Estate Fund I LP Buys 188-Unit Phoenix Apartment Complex

2/03/22

EPIC Multifamily Real Estate Fund I LP has acquired Urban188, a 188-unit, value-add, garden-style workforce housing community located in Phoenix. EPIC financed the deal with a new loan for $24.25 mil.

Consisting of 10 residential buildings, each three stories tall, Urban188 offers studio, one- and two- bedroom floorplans. Units feature gas stoves, wood-style plank flooring, in-unit digital thermostats, walk-in closets, breakfast bars and an average unit size of 501 square feet. Community amenities include two swimming pools, a community garden, gas barbeque grills, an eco-friendly community, a business center, outdoor lounge areas, a yoga deck, two laundry facilities and a dog park.

Located at 1601 W. Camelback Rd, the community offers nearby freeway access and is less than a 15-minute commute to several major employment corridors, including Camelback Biltmore Corridor, Central Corridor Health Network, Midtown Phoenix and Downtown Phoenix. With Interstate-17 situated less than two miles west, the property offers proximity to an abundance of manufacturing and warehouse job opportunities. The community is also positioned along the 28.2-mile Valley Metro Rail, serving over 40,000 passengers per day and providing residents with a 20-minute connection to Downtown Phoenix, in addition to access to Tempe and Mesa. The neighborhood surrounding Urban188 consists of a mixture of single-family homes, multi-family projects and commercial developments. Nearby shopping malls include Christown Spectrum Mall and Biltmore Fashion Park.

Eric Tupler, Brad Miner and Will Haass with JLL Capital Markets arranged the three-year, floating-rate, bridge loan with two one-year extensions. The lender, Asia Capital Real Estate, facilitated the acquisition and funded 100% of the renovation costs.





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