Built in 1963, MODE @ Biltmore Apartments was fully remodeled and repositioned in 2015. Interior property upgrades include in-suite laundry, stainless-steel appliance package, double stainless steel sinks with garbage disposal and retractable multi-setting faucet, upgraded countertops with porcelain tile backsplash, stained concrete floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features a manicured courtyard featuring a stainless steel barbecue grill, LED outdoor fireplace, steel pergola, custom seating areas, pet friendly accommodations, keyed entry pedestrian gates and covered parking.
The property is comprised of eight (8) two-bedroom units. The buildings are constructed of block with pitched roofs. The property is individually metered for electricity and master metered for water. The property owner is responsible for the cost of water, sewer, and trash pickup, and the residents are responsible for the cost of electricity and gas in their units, including the cost of heating and air conditioning.
Disclosure: Owner/Agent. Listing Broker has an ownership position in the property.
MODE @ Biltmore is situated just west of the Arizona Biltmore and adjacent to the Camelback Corridor, Phoenix’ s premier upscale shopping, dining and financial district. The area is surrounded by high-profile businesses, luxury resorts and some of the most exclusive homes in the Valley with median home values around $700,000, though many exceed $2 million. The Biltmore Fashion Park is a 535,430-square foot open air regional shopping mall in the area, with notable tenants including: Macy’ s, Saks Fifth Avenue, Chanel, Gucci, Prada, Louis Viutton, Fendi, Apple, Crate & Barrel, and Williams Sonoma. Notable area employers include Northwestern Mutual, Merrill Lynch, North Trust Bank, UBS, Alliance Residential Company, Cole Real Estate Investments, Fennemore Craig, Greenburg Traurig, DLA Piper and Cisco Systems, Inc. Nearby freeway access to State Route 51 (Piestewa Freeway) which connects to Interstate 10 (Maricopa Freeway), Loop 202 (Red Mountain Freeway), providing easy access to Downtown Phoenix, Sky Harbor International Airport, Tempe, Scottsdale, the southeast and southwest Valleys.
BUY - Purchased for $465,000 on 10/1/2014.
FIX - Property was completely vacant at acquisition. Renovated the Biltmore-area Phoenix multifamily community with high-end contemporary finishes inside and out. Leased up the community with average rents of $1,186/month. Listed property for sale at $1,320,000.
SELL - Sold for $1,310,000 on 1/8/2016.
VESTIS GROUP | PHOENIX 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.