27th Street

27th Street

PROPERTY INFO

27th Street Apartments, aka Holiday Resort Apartments, is a 10 unit, garden-style multifamily community located in east central Phoenix. Built in 1971, 27th Street Apartments has a pitched, composition roof and concrete-block construction, single-level buildings and is individually-metered for utilities. The unit mix is comprised of one (1) studio apartment, eight (8) two-bedroom / one-bath units and one (1) three-bedroom / two-bath unit. All the units have spacious kitchens, large closets and private enclosed patios. Common area amenities include a swimming pool and cabana, shuffleboard, ample parking and laundry facility.

Holiday Resort Apartments enjoys a superior east central Phoenix location within close proximity to the prestigious Biltmore area and 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 property is situated just south of Camelback Road, less than a mile and a half from the Biltmore Fashion Park, a 535,430-square foot open air regional shopping mall, 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. Holiday Resort Apartments is located approximately 1.7 miles from the 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.

PLAN

BUY - Purchased for $500,000 on 1/16/2014.

FIX - Initial plan was to renovate the Biltmore | Camelback Corridor area community with high-end contemporary finishes inside and out and hold for investment. After starting construction, we received an unsolicited offer from a Valley homebuilder interested in building luxury townhomes on the site.  We accepted.

SELL - Sold for $750,000 on 7/3/2014.

PHOTOS

    27th Street Apartments To Be Transformed Into Luxury Townhomes

VESTIS GROUP | PHOENIX ARIZONA MULTIFAMILY INVESTMENT REAL ESTATE

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.

 

Trackbacks & Pings

  • Vestis Group Sells Phoenix Multifamily Land To Urban Infill Developer :

    [...] The seller, Vestis Group, is a privately owned real estate firm specializing in multifamily residential investment real estate. Vestis Group invests in distressed, older vintage, multi-family, commercial and single-family properties, which require minor to major rehab, in established or trendy, improving/transitional neighborhoods and increase the value through high-end renovation, target marketing and hands-on property management. Vestis Group purchased the land on which the apartments sit in January of 2014 for $500,000 and had intended to reposition the multifamily property and hold for investment. [...]

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