Built in 1964, 36th Street Apartments, aka Arcadia Palms, was fully remodeled and repositioned in 2016. Interior property upgrades include in-suite laundry, polished concrete and wood laminate flooring, exposed block walls, new contemporary cabinetry, custom tile backsplashes, stainless steel appliances, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features private patios in select units, contemporary metal monument signage, custom steel access gates with keyed entry, combination of grass and xeriscape landscaping and covered parking.
The property is comprised of 1-bedroom / 1-bath apartments, 1-bedroom / 1.5-bath loft apartments, and 2-bedroom / 2-bath apartments with an average size of approximately 716 square feet. The buildings are constructed of block with foam roofs. The property is individually metered for electricity and master metered for water.
36th Street Apartments, aka Arcadia Palms Apartments, is a 34-unit, midcentury modern, two and three-story, rental community located in the Arcadia neighborhood, near boutiques and popular eateries such as The Vig Arcadia, La Grande Orange Grocery, Postino WineCafe, Beckett’s Table, Crudo, Nook, Chelsea’s Kitchen, North Italia, The Yacht Club, Buck & Rider, Steak 44 and The Henry. This property has great access to the valley freeway system, the Biltmore and downtown. The property is located in a quiet residential neighborhood one half mile south of Camelback Road along 36th Street and Campbell Avenue allowing easy access to the Biltmore area, the Camelback Corridor, the valley freeway system and numerous employers.
BUY – Purchased for $2,764,500 on 7/14/2015.
FIX – Renovated the Arcadia neighborhood Phoenix community with high-end contemporary finishes inside and out. Increased average rents substantially. Held for long-term investment.
SELL – Sold for $6,700,000 on 3/18/2020.
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.