Turney At Midtown, aka MODE At Turney, is a boutique, 8-unit, one and two-story, apartment community located in Midtown Phoenix, near the Valley Metro Light Rail, the Phoenix Art Museum, the Heard Museum, Arizona Opera, Phoenix Theatre, Lisa Sette Gallery, Margaret T. Hance Park, Park Central Mall, Phoenix Children’s Hospital, Arizona Heart Hospital, and boutiques and popular eateries such as Lux Coffee, Clever Koi, Pane Bianco, Ocotillo, Postino Wine Cafe, Federal Pizza, Joyride Taco House, Windsor, Churn, Lou Malnati’s, Flower Child, AJ’s Fine Foods, and some of our State’s top schools including Xavier College Preparatory and Brophy College Preparatory.
Turney At Midtown is a mid-century modern rental community located in Midtown Phoenix, approximately two miles west of Arizona State Route 51 (Piestewa Freeway) and approximately three miles north of Interstate 10, south of Camelback Road, north of Indian School Road, and just west of Central Avenue, allowing easy access to Downtown Phoenix, the Central Office Corridor, Camelback Corridor and Phoenix Sky Harbor International Airport and numerous employers. The property is south of the Grand Canal, which many people utilize for recreation, including running and biking.
The Central Avenue Corridor is less than half a mile from the subject property and serves as the main connection between Uptown/Midtown and Downtown Phoenix and is one of Phoenix’ s most vital and heavily trafficked stretches of roadway with nearly 60,000 cars daily. It is the region’ s largest employment corridor with over 18 million square feet of office space accommodating more than 120,000 employees and is home to prominent employers including The City of Phoenix, Wells Fargo, JPMorgan Chase, Freeport McMoRan, Bank of America, and United Healthcare.
Built in 1947, 1948 and 1971, Turney At Midtown was fully remodeled and repositioned in 2018. Interior property upgrades include in-suite laundry, stainless-steel kitchen appliances, stainless steel sink with garbage disposal and retractable multi-setting faucet, granite countertops, stained concrete or wood laminate floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features private patios on select units, pet friendly accommodations, mature landscaping and covered parking.
BUY – Purchased for $557,143 on 6/26/2017.
FIX – Renovated the midcentury Midtown Phoenix multifamily community with high-end contemporary finishes inside and out. Increased average rents from $440/month to $1,208/month. Received an unsolicited offer for sale.
SELL – Sold off-market for $1,325,000 on 11/30/2018.
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.