Built in 1958, MODE @ Pierson Apartments was fully remodeled and repositioned in 2015. Interior upgrades include in-suite laundry, stainless-steel appliance package equipped with an electric stove, dishwashers, refrigerators, microwaves, double stainless steel sinks with garbage disposal and retractable multi-setting faucet, upgraded countertops with glass tile backsplash, wide plank wood-style flooring or stained concrete floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features a bocce ball court, grilling station, LED outdoor fireplace, steel pergola, custom seating, pet friendly accommodations, keyed entry pedestrian gates and covered parking.
The property is comprised of one (1) studio, four (4) one-bedroom units, four (2) two-bedroom units and four (4) three-bedroom units. The buildings are constructed of block with flat foam roofs. The property is individually metered for electricity and master metered for water. 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.
Disclosure: Owner/Agent. Listing Broker has an ownership position in the property.
MODE @ Pierson is situated in the trendy Pierson Place Historic District in Midtown Phoenix, where homes were built between 1910 and 1956. The Central Avenue Corridor is less than half a mile from the subject property and serves as the main connection between Uptown/Midtown and Downtown Phoenix and is one of Phoenix’ s most vital and heavily trafficked stretches of roadway with nearly 60,000 cars daily. It is the region’ s largest employment corridor with over 18 million square feet of office space accommodating more than 120,000 employees and is home to prominent employers including The City of Phoenix, Wells Fargo, JPMorgan Chase, Freeport McMoRan, Bank of America, and United Healthcare.
The Valley Metro light rail line is within walking distance from the subject property and operates along Camelback Road and Central Avenue. The light rail has 28 stops along its 20 mile route and services more than 14 million people every year.
MODE @ Pierson is located adjacent to the Melrose District, a hip stretch along 7th Avenue lined with restaurants, shops, music stores and boutiques.
BUY – Purchased for $568,000 on 12/2/2014.
FIX – Renovated the Midtown Phoenix multifamily community with high-end contemporary finishes inside and out. Increased average rents from $508/month to $1062/month. Received several unsolicited offers for sale.
SELL – Sold off-market for $1,850,000 on 4/13/2016.
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.
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