Source: Township Capital / Epic Investment Services
WESTMINSTER, CO - Township Capital and Epic Investment Services, announce the acquisition of Willowbrook Apartments, located in greater Denver, Colo. This marks the second acquisition in Epic's U.S. Multifamily Fund I with Township Capital as a lead investor. Fund I aims to acquire garden-style multifamily properties in select markets targeting strong demographics, durable employment and other value-add characteristics.
"We see significant potential for value creation at Willowbrook," said Jeffrey Kohn, Co-CEO of Epic. "There are comprehensive renovation plans in place, which we expect will bolster operating cashflow, positioning the asset for a strong exit."
Willowbrook consists of 95 units across four buildings and is currently 100% occupied. The complex is strategically located less than one mile away from the Westminster Light Rail Station, providing commuters quick access to Union Station in downtown Denver and connectivity to all areas of Metro Denver.
"We are proud to be a part of this deal 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 Fund I. We have sought opportunities in the multifamily sector given how resilient it has remained even while transitioning out of the pandemic."
There are extensive value-add implementations slated to occur at Willowbrook. Nearly half of the units will be newly renovated in addition to common area amenity upgrades, in-line with what prospective tenants are demanding in the marketplace.
Earlier this year, Township participated in Epic's U.S. Multifamily Fund I as a lead investor with $60 million of equity commitments.