Fairmount 31 Apartments, aka MODE @ Fairmount & 31st Street, is a 24-unit, midcentury modern, two-story, multifamily community, located in the Biltmore-area of Phoenix, near Phoenix Children’s Hospital, Arizona Heart Hospital, and shops and popular eateries such as Binkley’s, Coup Des Tartes, Whole Foods, Trader Joe’s, Grassroots Kitchen & Tap, Pizzeria Bianco, Snooze, Sage Kitchen and The Parlor.
Built in 1971, Fairmount 31 Apartments was fully remodeled and repositioned in 2017. Interior property upgrades include in-suite laundry, stainless-steel appliance package, stainless steel sinks with garbage disposal and retractable multi-setting faucet, quartz countertops with porcelain tile backsplash, wood-look ceramic tile floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features private patios or balconies, private storage, covered parking, mature landscaping with pet friendly accommodations.
The property is located in Phoenix’s Biltmore Area, east of the SR-51 Piestewa Freeway, west of 32th Street, just south of Indian School Road, along Fairmount Avenue, allowing easy access to The Shops at Town & Country, Biltmore Fashion Park, the Camelback Corridor, the valley freeway system and numerous employers.
BUY – Purchased for $2,208,000 on 4/26/2017.
FIX – Renovated the Arcadia-area Phoenix multifamily community with high-end contemporary finishes inside and out. Increased average rents from $600/month to $1,175/month.
SELL – Sold for $4,550,000 on 12/14/2018.
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.