The Urban 188 and Urban 96 apartment communities have been purchased by a Canadian investor for $52 million.
Located at 1601 and 1545 W. Camelback Rd., the properties are located side by side and operated as one. According to a press release, 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. Urban 96, built in 1967 and located at 1545 W. Camelback Rd., sold for $17 million. Urban 188, built in 1970 and located at 1601 W. Camelback Rd., sold for $35 million.
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, and were approximately 98 percent leased at the time of the sale.
