1st Street Apartments, aka MODE @ North Central, is a boutique 6-unit, midcentury modern, two-story, multifamily, rental community located in the trendy North Central Corridor neighborhood in North Central Phoenix, just east of Central Avenue, near near HonorHealth John C. Lincoln Medical Center, Sunnyslope High School, and boutiques and popular eateries such as such as Ladera Taverna y Cocina, Timo Wine Bar, Spoke and Wheel, Via Delosantos, Grinders Coffee Co, North Mountain Brewing, Mucha Lucha Taco Shop, Il Posto, The Lounge, Scramble, Underground Fitness, iCardio, Ironwood Yoga and North Mountain Cardio Health & Fitness.
1st Street at North Central is a mid-century modern rental community located in North Central Phoenix, near the North Mountain Phoenix Mountain Preserve, southeast of the intersection of Central Avenue and Dunlap Road, 1st Street, allowing easy access to Biltmore Fashion Park, the Camelback Corridor, the valley freeway system and numerous employers. The property is south of the North Mountain Park and Shaw Butte Trailhead, which many people utilize for recreation, including running and hiking.
Built in 1971, 1st Street at North Central was fully remodeled and repositioned in 2017. Interior property upgrades include in-suite laundry, stainless-steel kitchen appliances, stainless steel sink with garbage disposal and retractable multi-setting faucet, upgraded countertops, wide plank wood-style flooring or stained concrete floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features xeriscape landscaping, pet friendly accommodations and covered parking.
BUY – Purchased for $295,000 on 12/30/2016.
FIX – Renovated the North Central Phoenix multifamily community with high-end contemporary finishes inside and out. Increased average rents from $450/month to $950/month. Received an unsolicited offer for sale.
SELL – Sold off-market for $740,000 on 5/31/2018.
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.