35th Street, aka Wellington Apartments, is a two-story, 21-unit, garden-style, multifamily community located in the trendy Arcadia neighborhood in east Phoenix, near numerous Valley hotspots, including: The Vig Arcadia, La Grande Orange Grocery, Postino WineCafe, Beckett’s Table, Crudo, Nook, Chelsea’s Kitchen and North Italia. This property has great access to the Valley freeway system, the Biltmore and downtown. The property is located in a quiet residential neighborhood just north Thomas road along 35th Street allowing easy access to the Biltmore area, the Camelback Corridor, the Valley freeway system and numerous employers. Built in 1968, 35th Street has pitched roofs and concrete-block construction, one and two-level buildings. The unit mix is comprised of nineteen (19) one-bedroom / one-bath units and two (2) two-bedroom / one-bath units at an average of 728 square feet. Common area amenities include onsite laundry facilities, covered and uncovered parking and mature landscaping. 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 $1,065,000 on 5/5/2016.
SELL – Sold off-market for $1,365,000 on 2/28/2017.
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.