Built in 1940 and 1963, Earll 40 Casitas was fully remodeled and repositioned in 2016 and 2017. Interior property upgrades include in-suite laundry, polished concrete flooring, sandblasted block walls, vaulted ceilings with exposed rafters, new contemporary cabinetry, custom tile backsplashes, stainless steel appliances, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features private patios, contemporary metal monument sign, custom steel access gates with keyed entry, combination of grass and xeriscape landscaping and covered parking.
The property is comprised of one (1) two-bedroom / two-bath casita of approximately 1000 square feet and one (1) two-bedroom / two-bath casita of approximately 1100 square feet. 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 and gas in their units, including the cost of heating and air conditioning.
Earll 40 Apartments is a casita-style, one-story, multifamily community located in the trendy Arcadia neighborhood in east Phoenix, near numerous Valley hotspots, including: The Vig Arcadia, La Grande Orange Grocery, Postino WineCafe, Beckett’s Table, Crudo, Nook, Chelsea’s Kitchen, North Italia, Buck & Rider, Steak 44 and The Henry. 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 the Indian School road along 40th Street and Earll Drive allowing easy access to the Biltmore area, the Camelback Corridor, the valley freeway system and numerous employers.
BUY – Purchased for $156,000 on 11/26/2014. Property was purchased vacant with severe deferred maintenance.
FIX – Renovated the Arcadia-area Phoenix multifamily community with high-end contemporary finishes inside and out. Leased up post-renovation at average rents of $1,650/month. Received multiple offers including several backups.
SELL – Sold for $500,000 on 10/23/2017.
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.
For more information, please contact Vestis Group at 602-281-6202 or Email Us.