Vestis Group Sells MODE @ Biltmore Apartments For $163,750 Per Unit
Vestis Group Sells MODE @ Biltmore Apartments For $163,750 Per Unit
By Sarah Stecko | Commercial Executive Magazine
Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of MODE @ Biltmore, an 8-unit apartment complex located at 5317 North 11th Street in the Biltmore-area of Phoenix. The multifamily asset commanded a sale price of $1,310,000 or $163,750 per unit.
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Chad Barber negotiated the transaction on behalf of the seller, MODE Apartments of Phoenix. The buyer, a private investor from El Cajon, California, was represented by Mick Toller of Inland Pacific Commercial Properties in Santee, California.
MODE @ Biltmore is situated just west of the Arizona Biltmore and adjacent to the Camelback Corridor, Phoenix’ s premier upscale shopping, dining and financial district. The area is surrounded by high-profile businesses, luxury resorts and some of the most exclusive homes in the Valley with median home values around $700,000, though many exceed $2 million. The Biltmore Fashion Park is a 535,430-square foot open air regional shopping mall in the area, with notable tenants including: Macy’s, Saks Fifth Avenue, Chanel, Gucci, Prada, Louis Vuitton, Fendi, Apple, Crate & Barrel, and Williams Sonoma. Notable area employers include Northwestern Mutual, Merrill Lynch, North Trust Bank, UBS, Alliance Residential Company, Cole Real Estate Investments, Fennemore Craig, Greenburg Traurig, DLA Piper and Cisco Systems, Inc. Nearby freeway access to State Route 51 (Piestewa Freeway) which connects to Interstate 10 (Maricopa Freeway), Loop 202 (Red Mountain Freeway), providing easy access to Downtown Phoenix, Sky Harbor International Airport, Tempe, Scottsdale, the southeast and southwest Valleys. Built in 1963, MODE @ Biltmore Apartments was fully remodeled and repositioned in 2015.
“This asset underwent a major transformation and the Seller’s were a little sad to see it go,” says Natan Jacobs, Principal at Vestis Group and the lead broker for this transaction, “MODE @ Biltmore’s irreplaceable Central Phoenix location, with its close proximity to dining, shopping, biking and hiking trails, transportation and employment centers, really helped fuel the reposition and lease up of this asset.”
Interior property upgrades include in-suite laundry, stainless-steel appliance package, double stainless steel sinks with garbage disposal and retractable multi-setting faucet, upgraded countertops with porcelain tile backsplash, stained concrete floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features a manicured courtyard featuring a stainless steel barbecue grill, LED outdoor fireplace, steel pergola, custom seating areas, pet friendly accommodations, keyed entry pedestrian gates and covered parking. – more at cem-az.com
