18th Street Apartments is a mid-century modern, 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 1979, 18th Street Apartments was fully remodeled in 2014 and is comprised of twelve (12) two-bedroom / one-bathroom units of approximately 900 square feet and six (6) two-bedroom / one-bath units of approximately 1,000 square feet. The buildings are constructed of block with flat roofs. Amenities include laundry facilities, storage units, pool, desert landscaping, and surface parking. The property is located in Midtown Phoenix, just south of Osborn Road, along 18th Street, allowing easy access to Biltmore Fashion Park, the Camelback Corridor, the valley freeway system and numerous employers. The property is adjacent to the Grand Canal, which many people utilize for recreation, including running and biking. 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 in their units, including the cost of heating and air conditioning
BUY – Purchased for $825,000 on 7/18/2014.
FIX – Renovated the Biltmore-area Phoenix multifamily community with high-end contemporary finishes inside and out, with improvements totaling $486,000. Increased average rents from $512/month to $882/month. Lease up completed in under 60 days. Received several unsolicited offers for sale.
SELL – Sold off-market for $1,995,000 on 7/21/2015
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.