38th Street Apartments, aka Orinoco Apartments, is a charming single story, courtyard-style, multifamily community located in the Arcadia neighborhood, near boutiques and popular eateries such as The Vig Arcadia, La Grande Orange Grocery, Postino WineCafe, Beckett’s Table, Crudo, Nook, Chelsea’s Kitchen and North Italia. This property has great access to the valley freeway system, the Biltmore and downtown. The property is located in a quiet residential neighborhood one half mile south of Indian School Road along 38th Street allowing easy access to Biltmore shopping, Arcadia restaurants, the Camelback Corridor business district, the Valley freeway system and numerous employers. Built in 1973, 38th Street Apartments is comprised of one, two and three-bedroom floor plans that are extremely spacious and well designed and average approximately 833 square feet. Interior unit features include fully appointed kitchens with electric appliances, ceramic tile flooring, ample closet space, vertical blinds, ceiling fans and private back patios. This low-density property is situated on approximately 0.94 acres and is attractively landscaped with lush turf and mature shade trees. Community amenities include a large sparkling swimming pool, security doors, laundry facility, secured access gates, exterior lighting and covered parking. 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.
BUY - Purchased for $850,000 on 6/16/2014.
FIX - Renovated the Arcadia-area multifamily community with contemporary finishes inside and out.
SELL - Sold for $1,900,000 on 4/12/2016.
VESTIS GROUP | ARCADIA PHOENIX 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.