22nd Street Apartments is a 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 Bink’s Midtown, Mejico Cocina Mejicana, Coup Des Tartes, Whole Foods, Trader Joe’s, Grassroots Kitchen & Tap, Pizzeria Bianco, Snooze, Sage Kitchen and The Parlor. Built in 1986, 22nd Street Apartments is comprised of eleven (11) residential rental units, including one (1) three-bedroom / two-bathroom single family residence and ten (10) two-bedroom/ two-bathroom apartment homes. The buildings are constructed of wood-frame with pitched roofs. Amenities include private patios, swimming pool, a laundry facility, covered parking and mature landscaping. The property is situated in a residential neighborhood, east of the SR-51 Piestewa Freeway, west of 24th Street, just north of Indian School Road, along 22nd Street, allowing easy access to The Shops at Town & Country, Biltmore Fashion Park, the Camelback Corridor, the valley freeway system and numerous employers. 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 in their units, including the cost of heating and air conditioning.
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.
For more information, please contact Vestis Group at 602-281-6202 or Email Us.