Epic Investment Services Acquires First Asset in US Multifamily Real Estate Fund I LP
Toronto – March 12, 2020 – Epic Investment Services is pleased to announce that it has acquired Las Brisas De Cheyenne (“Las Brisas”) – a 176-unit garden-style apartment community located in the Northeast/Sunrise Manor submarket of Las Vegas – as part of its US Multifamily Real Estate Fund I LP (the “Fund”).
Las Brisas is well-positioned to cater to nearby large-scale employers such as Amazon, World Pack USA, and US Auto Parts. In addition to proximity to employment nodes, Las Brisas is located near the Nellis Air Force base and enjoys convenient access to the entire Las Vegas metropolitan via Interstate 15 and Interstate 515.
Las Vegas is one of the strongest apartment markets in the US with consistent population and rent growth over the past five years while still being one of the most affordable major apartment markets in the US.
About Las Brisas De Cheyenne
Built in 1999, Las Brisas is a well-maintained multifamily complex that consists of 11, two-story walk-up buildings, and a separate office/amenity building. The Fund will reposition the property through modernization of common areas, upgraded unit finishes, a better amenity package for tenants and improved property curb appeal.
The Fund has retained Stout Management Company as property manager of Las Brisas. Stout currently manages over 9,000 units in 54 multifamily properties within Las Vegas.
The Fund Portfolio
Las Brisas is the first acquisition of the Fund launched earlier this year. The Fund will focus on acquiring multifamily assets that have value enhancement opportunities and are in select US markets with strong employment, proven population growth and reliable infrastructure.
ABOUT EPIC INVESTMENT SERVICES
Epic Investment Services, which includes its wholly owned subsidiary MDC Realty Advisors in the United States, is a fully integrated North American real estate platform. Headquartered in Toronto, Canada, and operating from offices in Canada and the United States, Epic has over $17.5 billion in assets under management. Epic’s portfolio comprises over 30 million square feet of office, retail, industrial and multi-family residential properties.