Epic Investment Services has purchased a garden-style multifamily community in Tempe, Ariz., for $43.1 million. Villatree was previously owned by Western Wealth Capital, who purchased the asset in February 2018. The asset sold for $287,333 per unit or $351.72 per square foot.
Cliff David and Steve Gebing with Institutional Property Advisors (IPA) represented the seller as well as procured the buyer. JLL Capital Markets represented Epic Investment Services to secure its acquisition financing, a $28.4 million five-year floating rate loan, in July.
Villatree houses 150 studio, one- and two-bedroom apartments between 11 different two-story buildings. The average apartment size is 815 square feet. Individual units feature private patios or balconies. Two pools are included in the community amenities.
Epic plans to upgrade the amenities and perform interior unit renovations to Villatree, which was initially built in 1980. Located at 1705 S. Price Road, the property is 8 acres, and nearby to multiple freeways as well as a light rail station providing residents access to the greater Phoenix area. As of February, the Phoenix metro area’s employment market expanded by 4.7 percent, with sustained expansion expected. In a 10-mile radius of Villatree, there are 483,200 employees.
Western Wealth Capital has been recently expanding its portfolio in the Dallas and Phoenix areas. In July, it purchased a 151-unit community in Texas, and in June it acquired a 352-unit asset in Arizona, for $73 million.