FOR IMMEDIATE RELEASE – July 21, 2015
VESTIS GROUP COMPLETES SALE OF 18-UNIT PHOENIX APARTMENTS FOR $1.995M
(Phoenix – July 21, 2015) – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of Biltmore at 18th Street, an 18-unit apartment complex located at 3311 North 18th Street in Central Phoenix. The multifamily asset commanded a sale price of $1,995,000 or $110,833 per unit.
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Chad Barber worked in conjunction with Brian Tranetzki and Rich Butler of Marcus & Millichap, who negotiated the transaction on behalf of the buyer, a private investor from Scottsdale, Arizona, and the seller, MODE Apartments of Phoenix.
Biltmore at 18th Street enjoys a dynamic central Phoenix location, in close proximity to Biltmore Fashion Park, the Camelback Corridor, Grand Canal, Valley freeway system, Phoenix Children’s Hospital, Arizona Heart Hospital, and boutiques and popular eateries such as Bink’s Midtown, Mejico Cocina Mejicana, Coup Des Tartes, Gadzooks, and Taco Guild. Built in 1979, Biltmore at 18th Street was fully remodeled and repositioned in 2014.
“We are experiencing increased investor demand for renovated assets that service millennial renters, who prefer urban living, but may be priced out of the new construction or A-class quality properties,” says Les Litwin, Principal at Vestis Group, “18th at Biltmore’s irreplaceable location in Central Phoenix, with its close proximity to dining, shopping, biking trails, transportation and employment centers, really helped fuel the reposition and lease up, as it caters to the growing population of renters. This turn-key asset is ideally positioned to capitalize on expanding employment in the area.”
Interior property upgrades include in-suite laundry, polished concrete flooring, new contemporary cabinetry, glass tile backsplashes, stainless steel appliances, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features new covered parking, a sandblasted block fascade, contemporary metal monument sign, composite wood access gates with keyed entry, resurfaced asphalt parking lot, new xeriscape landscaping and expanded pool area with built in outdoor grilling station.
Vestis Group is the broker of choice for individuals and institutions investing in multifamily residential real estate throughout Metropolitan Phoenix. Our advisors assist clients in the acquisition and disposition of multifamily investment assets, including, apartments, bulk condo packages, duplex/triplex/fourplex properties, single-family rental portfolios (SFR Portfolios) and income producing single-family investment properties. In the field of housing, Vestis Group’s principals have developed, built, rehabilitated, constructed, improved, managed, and sold thousands of apartments units, condos, single-family homes and home sites.
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.
We specialize in Phoenix Apartments For Sale.
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 multifamily 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.
For more information, please visit: www.Vestis-Group.com.