10th Street | Phoenix AZ Multifamily Investment Real Estate

10th Street

PROPERTY INFO

MODE @ 10th Street, aka 10th Street Apartments, is a boutique, 10-unit, single story, apartment community located in Midtown Phoenix, near the Valley Metro Light Rail, the Phoenix Art Museum, the Heard Museum, Arizona Opera, Phoenix Theatre, Lisa Sette Gallery, Margaret T. Hance Park, Park Central Mall, Phoenix Children’s Hospital, Arizona Heart Hospital, and boutiques and popular eateries such as The Pie Hole, Humble Pie, Wy Knot Cafe, The Main Ingredient Ale House & Cafe, Bikini Beans Expresso, MacAlpine’s Soda Fountain, Rice Paper, Urban Vine, America’s Taco Shop, Green, Nami, Gadzooks, Taco Guild, Sutra Midtown Yoga, Salvador Calvano Hair and some of our State’s top schools including Xavier College Preparatory and Brophy College Preparatory.

10th Street Apartments is a modern rental community located in Midtown Phoenix, approximately one mile west of Arizona State Route 51 (Piestewa Freeway) and approximately three miles north of Interstate 10, north of Indian School Road, and east of 7th Street, allowing easy access to Downtown Phoenix, the Central Office Corridor, Camelback Corridor and Phoenix Sky Harbor International Airport. The property is a short distance from the Grand Canal, which many people utilize for recreation, including running and biking.

Built in 1963, 10th Street Apartments was fully remodeled and repositioned in 2017. The apartment community is comprised of ten (10) residential rental units, including five (5) one-bedroom/ one-bathroom apartment homes of approximately 700 square feet, four (4) two-bedroom/ one-bathroom apartment homes of approximately 850 square feet, and one (1) two-bedroom/ two-bathroom apartment home of approximately 1,000 square feet. Interior property upgrades include in-suite laundry, stainless-steel appliance package, stainless steel sinks with garbage disposal and retractable multi-setting faucet, upgraded countertops, stained concrete floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features a central courtyard with outdoor fireplace, pet friendly accommodations and covered parking.

PLAN

BUYPurchased for $425,000 on 9/16/2016.

FIX – Renovated the midcentury Midtown Phoenix multifamily community with high-end contemporary finishes inside and out. Increased average rents from $500/month to $970/month. Received an unsolicited offer for sale.

SELLSold off-market for $1,341,840 on 1/31/2018.

LEASING INFORMATION

LiveAtMODE.com

MODEapts.com

ArizonaApartmentManagement.com

PHOTOS

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Vestis Group | Phoenix Arizona Multifamily Real Estate Investments

Vestis Group | Vestis Capital LLC is a real estate firm focused on Multi Family Residential Investment. We invest our clients’ capital together with our own to take advantage of opportunities with attractive risk-return attributes and an expectation of above-market returns. These goals are achieved through stringent underwriting practices and proactive property and asset management.

Through our extensive knowledge of the Phoenix multi-family residential real estate market, we can identify early trends, which provide insight into our pursuit of investment opportunities. Vestis Group’s principals have a thorough knowledge of the housing industry.

We have developed, built, rehabilitated, constructed, improved, managed and sold thousands of apartments, condos, homes, and home sites. Vestis Group principals and affiliates also have extensive experience constructing, improving, renovating, owning and operating residential and commercial properties. Our expertise in management, finance and construction is the backbone supporting every investment opportunity we identify.

For more information, please contact Vestis Group at 602-281-6202 or Email Us.