Location on Light Rail Line Attracts Investors
A Canadian investor has purchased Urban 188 & 96, apartment communities located at 1601 and 1545 W. Camelback Rd. for a total price of $52,000,000.00.
“Strategically located on the Valley Metro Rail, Urban 188 and Urban 96 are side by side properties that are operated as one,” says Chris Roach of Colliers in Arizona. “Thomas Pride and Urban Communities did an excellent job maintaining the property and offering community events which focused on tenant retention. The new ownership plans to continue making Urban 188 and 96 a desirable community by further enhancing the unit interiors and operations.”
Epic Investment Services purchased the properties from Urban 1601 Property, LLC of Phoenix for its Epic Multifamily Real Estate Fund I LP. Roach, Brad Cooke, Matt Roach and Cindy Cooke of Colliers in Arizona negotiated the sale transaction. Fidelity National Title handled the title and escrow work for the sale.
Urban 96, located at 1545 W. Camelback Rd., sold for $17,000,000.00 and was constructed in 1967. Urban 188, located at 1601 W. Camelback Rd., was constructed in 1970 and sold for $35,000,000.00. The two properties combined contain 284 apartment units totaling 132,675 square feet. The properties offer a mix of studio, one- and two-bedroom units averaging 467 square feet each. The properties were approximately 98 percent leased at the time of the sale.
Located along the Valley Metro Rail with excellent roadside visibility on Camelback Road, the properties offer exceptional accessibility to the surrounding employment corridors. They are located just minutes from Uptown, Midtown and Downtown Phoenix, as well as a the Biltmore region of the city.
The properties are partially renovated and offer a strong yield through their impressive performance and historic rent growth. Common areas and exteriors were updated by the previous owner to the current seller, allowing the new owner to focus on interior improvements and operations.