Vestis Group Brokers Phoenix Close 2 Multifamily Sales

Vestis Group Brokers Phoenix Close 2 Multifamily Sales | CEM

By Celina Busse | Commercial Executive Magazine

1st Sale

Vestis Group completed the sale of MODE @ 20th Street, an 8-unit, single-story apartment community located at 4237 North 20th Street, in the Biltmore-area of East Phoenix for $1,096,280 or $137,035 per unit.

(Phoenix – January 31, 2018) – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of MODE @ 20th Street, an 8-unit, single-story apartment community located at 4237 North 20th Street, in the Biltmore-area of East Phoenix for $1,096,280 or $137,035 per unit.

“This transaction went smoothly as we have worked with this buyer previously,” says Natan Jacobs, Principal at Vestis Group and the lead broker for this transaction, “On the last transaction, the buyer flipped his offer from financing, to all-cash, in order to beat out other investors in a multiple offer situation.”

The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Chad Barber and Matt Morrell negotiated the transaction on behalf of the seller, MODE Apartments+Homes from Phoenix, Arizona. The buyer, a private investor from Los Altos, California, was represented by Victoria Miachika of Arizona Investment & Management LLC, in Scottsdale, Arizona. MODE Apartment Living LLC will continue to professionally manage the apartment community for the new owner.

MODE @ 20th Street, aka 20th Street Apartments, is an 8-unit, 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, Mejico Cocina Mejicana, Coup Des Tartes, Whole Foods, Trader Joe’s, Grassroots Kitchen & Tap, Pizzeria Bianco, Snooze, Sage Kitchen and The Parlor.

20th Street Apartments is a 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 20th 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 1952 and 1955, 20th Street Apartments was fully remodeled and repositioned in 2017. The apartment community is comprised of eight (8) residential rental units, including eight (8) one-bedroom/ one-bathroom apartment homes of approximately 654 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 floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features private patios and front yards, pet friendly accommodations and covered parking.

2nd Sale

Vestis Group completed the sale of MODE @ 10th Street, a 10-unit, single-story apartment community located at 4140 North 10th Street, in Midtown Phoenix for $1,341,840 or $134,184 per unit.

(Phoenix – January 31, 2018) – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of MODE @ 10th Street, a 10-unit, single-story apartment community located at 4140 North 10th Street, in Midtown Phoenix for $1,341,840 or $134,184 per unit.

“This was our third transaction with this same buyer in the last few months,” says Natan Jacobs, Principal at Vestis Group and the lead broker for this transaction, “the buyer also closed on 8-units in the Biltmore-area of Phoenix, today, and another 7-units in the Arcadia-area, back in October.”

The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Chad Barber and Matt Morrell negotiated the transaction on behalf of the seller, MODE Apartments+Homes from Phoenix, Arizona. The buyer, a private investor from Los Altos, California, was represented by Victoria Miachika of Arizona Investment & Management LLC, in Scottsdale, Arizona. MODE Apartment Living LLC will continue to professionally manage the apartment community for the new owner.

MODE @ 10th Street, aka 10th Street Apartments, is a boutique, 10-unit, single story, apartment community located in Midtown Phoenix, near the Valley Metro Light Rail and Phoenix Art Museum.

10th Street Apartments is a modern rental community located in Midtown Phoenix, approximately one mile west of Arizona State Route 51 (Piestewa Freeway) and approximately three miles north of Interstate 10, north of Indian School Road, and east of 7th Street, allowing easy access to Downtown Phoenix, the Central Office Corridor, Camelback Corridor and Phoenix Sky Harbor International Airport. The property is a short distance from the Grand Canal, which many people utilize for recreation, including running and biking.

Built in 1963, 10th Street Apartments was fully remodeled and repositioned in 2017. The apartment community is comprised of ten (10) residential rental units, including five (5) one-bedroom/ one-bathroom apartment homes of approximately 700 square feet, four (4) two-bedroom/ one-bathroom apartment homes of approximately 850 square feet, and one (1) two-bedroom/ two-bathroom apartment home of approximately 1,000 square feet. Interior property upgrades include in-suite laundry, stainless-steel appliance package, stainless steel sinks with garbage disposal and retractable multi-setting faucet, upgraded countertops, stained concrete floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features a central courtyard with outdoor fireplace and grilling station, pet friendly accommodations and covered parking.  – more at cem-az.com