Vestis Group Completes 28-Unit Bulk Condo Sale at Cornel Condos in Phoenix

On December 29, 2011 by Vestis Group

FOR IMMEDIATE RELEASE – December 29, 2011

Vestis Group Completes 28-Unit Bulk Condo Sale at Cornel Condos in Phoenix, AZ

(Phoenix – December 29, 2011) – Vestis Group is pleased to announce that Principals Natan Jacobs and Les Litwin have completed the sale of 28-units (bulk condos) of Cornel Condominium, located at 6535-6555 N. 17th Avenue in Phoenix, Arizona, for $714,750 / $25,527 per unit.

The seller consisted of 5 separate REO lender-owners who had previously taken title through foreclosure. Natan Jacobs and Les Litwin with Vestis Group represented the seller in the sale.

Cornel, 28-Unit Phoenix Multifamily Sale

Cornel Condominium is a 48-unit garden style complex located in a desirable central Phoenix neighborhood on 17th Avenue just south of Glendale Avenue. Built in 1968 of block construction the property was renovated for conversion in 2007. The average unit size is approximately 1,090 square feet, offering residents the largest floor plans in the area. Each unit is individually metered for electricity. Community amenities include a sparkling swimming pool, covered parking, barbecue grills and laundry facilities.

Cornel Condominium is conveniently located just east of the Black Canyon Freeway (I-17) corridor, one of the most heavily traveled portions of the entire Metropolitan Phoenix freeway system. This property offers tenants close proximity to St. Joseph’ s Hospital, Encanto Park, Park Central, Phoenix College, Metrocenter Mall, Phoenix Spectrum Mall, Arizona Center, Arizona Veterans Memorial Coliseum, US Airways Arena, Chase Field, dining and cultural activities. The employment base within a short drive of Cornel Condominium is significant, with its neighboring businesses, research and development parks, which house major employers such as Honeywell, United Parcel Service, Shamrock Foods and CIGNA Healthcare.

About Vestis Group:
Vestis Group is a leading multifamily investment sales and advisory services firm with a proven track-record of providing value added brokerage services coupled with innovative and ongoing real estate investment strategies. Our mission is to ensure that owners and investors receive the most efficient research, marketing, real estate consultation and transaction services available. We pride ourselves on our ability to deliver added value to our clients by building uncompromising and long-lasting relationships with our partners.

Vestis Group serves multi-family owners and investors with a full suite of commercial real estate services, including Buyer Representation, Project Marketing & Sales, Asset Management, Condominium Association Management, Project & Development Services, Research and Consulting.

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