22nd Street Apartments, aka MODE @ 22nd Street, is a modern, one and two story, multifamily community, located in the Biltmore-area of Phoenix, near Phoenix Children’s Hospital, Arizona Heart Hospital, and shops and popular eateries such as Binkley’s, Whole Foods, Trader Joe’s, Grassroots Kitchen & Tap, Pizzeria Bianco, Snooze, Sage Kitchen and The Parlor. The property is located in Phoenix’s Biltmore Area, east of the SR-51 Piestewa Freeway, west of 24th Street, just north of Indian School Road, along 21st Street, allowing easy access to The Shops at Town & Country, Biltmore Fashion Park, the Camelback Corridor and the Grand Canal, which many people utilize for recreation, including running and biking. The property is located less than a half mile from 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.
22nd Street Apartments offers style and convenience while raising the bar for urban apartment living in central Phoenix. Developed in 1986, the subject property was fully renovated in 2016, using high-end finishes and updating with modern contemporary design. The unit mix is comprised of ten (10) 2-bedroom / 2-bathroom units of approximately 952 square feet and one (1) 3-bedroom / 2-bathroom single family home of approximately 1,713 square feet.
Interior finishes include en-suite laundry, new stainless-steel appliance package equipped with an electric stove, dishwasher, refrigerator, stainless steel range hood, stainless steel sink, granite countertops, stained concrete floors, upgraded lighting and plumbing fixtures, modern bathroom tiling and modern fixtures, ceiling fans, oversized windows, upgraded doors and large closets.
Community amenities consist of a swimming pool and pet-friendly accommodations. The apartments all have designated covered parking, attached storage, ans private patios or balconies. The subject property also has great access to the Valley freeway system, the Biltmore, Camelback Corridor and Downtown Phoenix.
Purchased for $895,000 on 12/29/2015.
Renovated the Biltmore-area Phoenix multifamily community with high-end contemporary finishes inside and out. Increased average rents from $771/month to $1,268/month. Received several unsolicited offers for sale.
Sold off-market for $1,980,000 on 7/11/2017.
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.
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