Vestis Group Negotiates Off-Market Phoenix Multifamily Sale For $1.98M Or $180,000 Per Unit | CEM
By Isabel Menzel | Commercial Executive Magazine
Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of MODE @ 22nd Street Apartments, an 11-unit apartment community located at 4120 North 22nd Street, in the Biltmore-area of East Phoenix for $1,980,000 or $180,000 per unit.
“The Buyer contacted us initially looking for help acquiring value-add multifamily investment opportunities in the Phoenix market,” says Matt Morrell, Investment Advisor at Vestis Group and the lead broker for this transaction, “Eventually, the buyer asked if we would consider selling any of our MODE properties ‘off-market’ and a deal was struck on 22nd Street. MODE Apartment Living will continue to manage the Biltmore-area apartment community for the new ownership moving forward.”
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Chad Barber and Matt Morrell negotiated the transaction on behalf of the seller, MODE Apartments+Homes from Phoenix, Arizona and the buyer, a private investor from Phoenix, Arizona.
MODE @ 22nd Street, aka 22nd Street Apartments, is a modern, one and two story, multifamily community, located in the Biltmore-area of Phoenix, near Phoenix Children’s Hospital, Arizona Heart Hospital, and shops and popular eateries such as Bink’s Midtown, Mejico Cocina Mejicana, Coup Des Tartes, Whole Foods, Trader Joe’s, Grassroots Kitchen & Tap, Pizzeria Bianco, Snooze, Sage Kitchen and The Parlor. The property is located in Phoenix’s Biltmore Area, east of the SR-51 Piestewa Freeway, west of 24th Street, just north of Indian School Road, along 21st Street, allowing easy access to The Shops at Town & Country, Biltmore Fashion Park, the Camelback Corridor and the Grand Canal, which many people utilize for recreation, including running and biking. The property is located less than a half mile from State Route 51 (Piestewa Freeway) which connects to Interstate 10 (Maricopa Freeway), Loop 202 (Red Mountain Freeway), providing easy access to Downtown Phoenix, Sky Harbor International Airport, Tempe, Scottsdale, the southeast and southwest Valleys.
MODE @ 22nd Street offers style and convenience while raising the bar for urban apartment living in central Phoenix. Developed in 1986, the subject property was fully renovated in 2016, using high-end finishes and updating with modern contemporary design. The unit mix is comprised of ten (10) 2-bedroom / 2-bathroom units of approximately 952 square feet and one (1) 3-bedroom / 2-bathroom single family home of approximately 1,713 square feet.
Interior finishes include en-suite laundry, new stainless-steel appliance package equipped with an electric stove, dishwasher, refrigerator, stainless steel range hood, stainless steel sink, granite countertops, stained concrete floors, upgraded lighting and plumbing fixtures, modern bathroom tiling and modern fixtures, ceiling fans, oversized windows, upgraded doors and large closets.
Community amenities consist of a swimming pool and pet-friendly accommodations. The apartments all have designated covered parking, attached storage, ans private patios or balconies. The subject property also has great access to the Valley freeway system, the Biltmore, Camelback Corridor and Downtown Phoenix.
Vestis Group is the broker of choice for individuals and institutions investing in multifamily residential and commercial real estate throughout Metropolitan Phoenix. Our advisors assist clients in the acquisition and disposition of multifamily investment and retail investment assets, including, apartments, bulk condo packages, duplex/triplex/fourplex properties, single-family rental portfolios (SFR Portfolios), income producing single-family investment properties, neighborhood strip centers, retail power centers, retail strip centers, neighborhood grocery, retail PAD and retail shopping centers. 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. – more at cem-az.com