JLL Capital Markets announced today that it secured $24.25 million in acquisition financing for Urban 188, a 188-unit, value-add, garden-style workforce housing community located in Phoenix, Arizona.
JLL worked on behalf of the borrower, EPIC Multifamily Real Estate Fund I LP, to secure a traditional, three-year, floating-rate, bridge loan with two one-year extensions. The lender, Asia Capital Real Estate (ACRE), facilitated the acquisition and funded 100% of the renovation costs.
Consisting of 10 residential buildings, each three-stories tall, Urban188 offers studio, one- and two- bedroom floorplans. Units feature gas stoves, wood-style plank flooring, in-unit digital thermostats, walk-in closets, breakfast bars and an average unit size of 501 square feet. Community amenities include two swimming pools, a community garden, gas barbeque grills, an eco-friendly community, a business center, outdoor lounge areas, a yoga deck, two laundry facilities and a dog park.
Located at 1601 W. Camelback Rd., the community offers nearby freeway access and is less than a 15-minute commute to several major employment corridors, including Camelback Biltmore Corridor, Central Corridor Health Network, Midtown Phoenix and Downtown Phoenix. With Interstate-17 situated less than two miles west, the property offers proximity to an abundance of manufacturing and warehouse job opportunities. The community is also positioned along the 28.2-mile Valley Metro Rail, serving over 40,000 passengers per day and providing residents with a 20-minute connection to Downtown Phoenix, in addition to access to Tempe and Mesa. The neighborhood surrounding Urban188 consists of a mixture of single-family homes, multi-family projects and commercial developments. Nearby shopping malls include Christown Spectrum Mall and Biltmore Fashion Park.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Eric Tupler, Senior Director Brad Miner and Director Will Haass.
“Urban 188 represents an excellent opportunity for Epic to capture the momentum of the market as they execute a value-add program at this in-fill property,” said Miner. “ACRE recognized the strength of the opportunity and sponsor and offered competitive financing terms that will allow Epic to execute on their strategy.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.