12th Place Apartments is a single story, multifamily community located in Midtown Phoenix, near 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 1964, 12th Place Apartments is a single-story multifamily community located in central Phoenix near shopping, culture, restaurants and transportation, featuring seven (7) one-bedroom and one-bathroom apartment homes and one (1) two-bedroom and one-bathroom apartment home, with an average living space of approximately 592 square feet. Each of the 8 apartment homes opens up into a central courtyard. The property includes rear surface parking and laundry facilities. 12th Place Apartments enjoys a midtown Phoenix location across from the Phoenix Country Club, within close proximity to cultural venues, restaurants, art galleries and city parks. The property is situated north of Osborn Road and south of Indian School Road, east of 12th Street and west of 16th Street, along 12th Place, approximately 1.2 miles from State Route 51 (Piestewa Freeway), which connects to the Interstate 10 (Papago Freeway) and Loop 202 (Red Mountain Freeway), providing easy access to Downtown Phoenix, Sky Harbor International Airport, Tempe, Scottsdale, the southeast and southwest Valleys. The property is individually metered for electricity and master metered for water. The property owner is responsible for the cost of water, sewer, and trash pickup, and the residents are responsible for the cost of electricity and gas in their units, including the cost of heating and air conditioning.
BUY – Purchased for $320,000 on 5/5/2015.
FIX – Property was vacant at acquisition. Renovated the Midtown Phoenix multifamily community with contemporary finishes inside and out. Leased up the community with average rents of $735/month.
SELL – Sold for $720,000 on 9/14/2016.
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.