Source: Township Capital / Epic Investment Services
PHOENIX, AZ - Township Capital and Epic Investment Services announce the acquisition of Urban 188 and Urban 96 (Urban Phoenix), two adjacent residential rental properties in Phoenix, Arizona, as part of Township's GP Value-Add Fund I. The fund aims to acquire garden-style multifamily properties in select markets targeting strong demographics, durable employment, and other value-add characteristics.
This marks the third and fourth acquisitions within the value – add partnership with Epic. Last year Township participated in Epic's U.S. Multifamily Fund I as lead investor with $60 million of total equity commitments.
“We are proud to be a part of another acquisition with Epic. Township has aligned with the strategy backing Fund I and experienced the results of sourcing the right product for the fund firsthand," said Matthew Gorelik, CEO at Township Capital. "The value creation model delivers exceptional results, which is important to Township's role as a lead investor in Epic's U.S. Multifamily Fund I. We've continued to seek opportunities in the multifamily sector given how resilient it has remained through the pandemic."
The 188-unit and 96-unit garden-style buildings, total 132,675 square feet and 4.42 acres located in central Phoenix. Positioned in a high rent-growth area near well-established employment hubs and in proximity to the Valley Light Rail system and Highway I-17. Providing convenient access to surrounding high profile neighborhoods of Arcadia, Biltmore, Scottsdale, and Tempe. Both have a combined occupancy rate of 92%. The acquisition offers a unique opportunity to implement a value-add program focused on modernizing finishes and improving common-area amenities.