Vestis Group Acquires Metro 12 In Phoenix
Vestis Grp Acquires Metro 12 In Phoenix | Triton Sells 12 Units For $2.3M
By Shane Beyer | CoStar Group
Vestis Group, a multifamily investment group, purchased the 12-unit Metro 12 multifamily community at 620 N. 4th Ave. in Phoenix, AZ from Triton Properties, Inc. for $2.33 million, or about $194,000 per unit.
Brian Tranetzki of Marcus & Millichap Phoenix represented the seller, while Vestis Group self-represented.
“Metro 12 is a Santa Barbara-style community located in the heart of Downtown Phoenix. It features 12 well-designed, urban style townhome/lofts boasting an average of 1,548 square feet of living space, and interior appointments such as stained concrete floors, maple cabinets, stainless steel appliances, granite countertops and vaulted ceilings,” says Tranetzki. “Redevelopment in the downtown area will continue to spur growth, provide jobs, and attract students as well as young professional’s further improving demand for housing within the submarket. This is evidenced by the recent announcement that Arizona State University will move its law school, ASU’s Arizona Center for Law and Society, to downtown adding nearly a $120 million investment to the area along with adding as many as 1,000 new ASU law students downtown,” continues Tranetzki. – more at costar.com