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Urban 188 and Urban 96 are Side-by-Side Properties Operating as One

Urban 188 and Urban 96 are Side-by-Side Properties Operating as One

A Canadian investor recently purchased Urban 188 and 96, apartment communities located at 1601 and 1545 W. Camelback Rd., respectively, for a total price of $52 million. Epic Investment Services purchased the properties from Urban 1601 Property LLC of Phoenix for its Epic Multifamily Real Estate Fund I LP.

“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.”

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 188 was constructed in 1970 and sold for $35 million. Urban 96 sold for $17 million and was constructed in 1967. 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.


Inside The Story

Chris Roach

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Sale/Acquisition