Built in 1973, MODE On Fifth Apartments was fully remodeled and repositioned in 2015. Interior property upgrades include in-suite laundry, new cabinetry, stainless steel appliances, polished concrete or wood laminate flooring, upgraded lighting, ceiling fans, two-tone paint and low-flow toilets. The revamped exterior features a poolside fitness center, outdoor grilling stations, outdoor LED fireplace, outdoor seating areas, bicycle storage, private patios, contemporary metal monument sign, resurfaced asphalt parking lot, combination of grass and xeriscape landscaping and covered parking.
The property is comprised of forty-four (44) two-bedroom units. The buildings are constructed of block with pitched asphalt shingle roofs. 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.
Disclosure: Owner/Agent. Listing Broker has an ownership position in the property.
MODE On Fifth is located in Downtown Tempe, along 5th Street and Beck Avenue, just west of Hardy Drive, in close proximity to Arizona State University, Mill Avenue, Farmer Arts District, Tempe Town Lake, Orbit Shuttle and the Valley Metro Light Rail. The property is located in a quiet residential neighborhood just west of Downtown Tempe, within close proximity to the Loop 202 Freeway, allowing easy access to Sky Harbor International Airport, Downtown Phoenix, Scottsdale, the valley freeway system and numerous employers.
The Valley Metro light rail line is within walking distance from the subject property and operates along Mill Avenue. The light rail has 28 stops along its 20 mile route and services more than 14 million people every year.
BUY - Purchased for $3,050,000 on 2/4/2015.
FIX - Renovated the Downtown Tempe multifamily community with high-end contemporary finishes inside and out. Increased average rents from $650/month to $1,150/month.
SELL - Sold for $7,150,000 on 10/7/2016.
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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