McDowell Apartments is a charming Spanish Revival one story, courtyard-style, community built in 1945 comprised of 8 two bedroom / one bathroom units of approximately 686 square feet. The building is constructed of block with pitched tile roofs.
Amenities include a coin operated washer and dryer facility, courtyard, mature landscaping and covered parking. The property is individually metered for electricity and master metered for water and gas. 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 $330,000 on 7/5/2013.
FIX – Renovated the downtown Phoenix community with high-end contemporary finishes inside and out, with improvements totaling $180,000. Total Lease up completed in 60 days. Increased average rents from $495/month to $830/month. Listed property for sale at $719,000. Received three offers during the first week of marketing.
SELL – Sold for $719,000 on 9/30/2014.
VESTIS GROUP | PHOENIX ARIZONA 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.