21st Street & Glenrosa
Glenrosa Apartments, aka MODE @ Glenrosa, is a 10-unit, midcentury modern, single-story, rental 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, Whole Foods, Trader Joe’s, Grassroots Kitchen & Tap, Pizzeria Bianco, Snooze, Sage Kitchen and The Parlor.
Glenrosa Apartments is a mid-century modern rental community located in Phoenix’s Biltmore Area, east of the SR-51 Piestewa Freeway, west of 24th Street, just north of Indian School Road, along the southwest corner of Glenrosa Avenue and 21st Street, allowing easy access to The Shops at Town & Country, Biltmore Fashion Park, the Camelback Corridor, the valley freeway system and numerous employers. The property is a short distance from the Grand Canal, which many people utilize for recreation, including running and biking.
Built in 1970, Glenrosa Apartments was fully remodeled and repositioned in 2017. The apartment community is comprised of ten (10) residential rental units, including one (1) studio / one-bathroom apartment home of approximately 500 square feet, one (1) one-bedroom / one-bathroom apartment home of approximately 600 square feet, one (1) one-bedroom + den / one-bathroom apartment home of approximately 750 square feet, five (5) two-bedroom / one-bathroom apartment homes of approximately 800 square feet, one (1) two-bedroom / one-bathroom apartment home of approximately 850 square feet and one (1) two-bedroom / two-bathroom apartment home of approximately 900 square feet. Interior property upgrades include in-suite laundry, stainless-steel appliance package, stainless steel sinks with garbage disposal and retractable multi-setting faucet, granite countertops with porcelain tile backsplash, stained concrete or wood laminate floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features private patios on select units, pet friendly accommodations and covered parking.
BUY – Purchased for $560,000 on 6/30/2016.
FIX – Renovated the midcentury Midtown Phoenix multifamily community with high-end contemporary finishes inside and out. Increased average rents from $440/month to $1,168/month. Received an unsolicited offer for sale.
SELL – Sold off-market for $1,566,000 on 5/25/2018.
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.