27th Street Apartments, aka La Ville 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. 27th Street 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. Built in 1970, 27th Street Apartments is comprised of twenty (20) two-bedroom / one-bathroom units of approximately 819 square feet. The buildings are constructed of block with pitched roofs. Amenities include a swimming pool, laundry facilities, surface parking, private patios and mature landscaping.
BUY – Purchased for $1,230,000 on 7/31/2015.
FIX – Renovated the Biltmore-area Phoenix multifamily community with high-end contemporary finishes inside and out. Increased average rents from $750/month to $1,203/month. Received multiple offers for sale.
SELL – Sold for $3,400,000 on 6/2/2017.
VESTIS GROUP | BILTMORE 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.