Vestis Group Completes Off-Market Sale of North Central Phoenix Apartments | CEM
By Celina Busse | Commercial Executive Magazine
Vestis Group completed the sale of MODE @ 1st Street, a 6-unit, single-story apartment community located at 8801 North 1st Street, in North Central Phoenix for $740,000 or $123,333 per unit.
Phoenix, Ariz. – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of MODE @ 1st Street, a 6-unit, single-story apartment community located at 8801 North 1st Street, in North Central Phoenix for $740,000 or $123,333 per unit.
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 Huntington Beach, California, was represented by Victoria Miachika of GPCI | Real Estate Multifamily & Land Development of Scottsdale, Arizona. MODE Apartment Living LLC will continue to professionally manage the apartment community for the new owner.
1st Street Apartments, aka MODE @ North Central, is a boutique 6-unit, midcentury modern, two-story, multifamily, rental community located in the trendy North Central Corridor neighborhood in North Central Phoenix, just east of Central Avenue, near near HonorHealth John C. Lincoln Medical Center, Sunnyslope High School, and boutiques and popular eateries such as such as Ladera Taverna y Cocina, Timo Wine Bar, Spoke and Wheel, Via Delosantos, Grinders Coffee Co, North Mountain Brewing, Mucha Lucha Taco Shop, Il Posto, The Lounge, Scramble, Underground Fitness, iCardio, Ironwood Yoga and North Mountain Cardio Health & Fitness.
1st Street at North Central is a mid-century modern rental community located in North Central Phoenix, near the North Mountain Phoenix Mountain Preserve, southeast of the intersection of Central Avenue and Dunlap Road, 1st Street, allowing easy access to Biltmore Fashion Park, the Camelback Corridor, the valley freeway system and numerous employers. The property is south of the North Mountain Park and Shaw Butte Trailhead, which many people utilize for recreation, including running and hiking.
Built in 1971, 1st Street at North Central was fully remodeled and repositioned in 2017. Interior property upgrades include in-suite laundry, stainless-steel kitchen appliances, stainless steel sink with garbage disposal and retractable multi-setting faucet, upgraded countertops, 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 xeriscape landscaping, pet friendly accommodations and covered parking.
Vestis Group is the broker of choice for individuals and institutions investing in multifamily residential and commercial real estate throughout Metropolitan Phoenix. Our advisors assist clients in the acquisition and disposition of multifamily investment and retail investment assets, including, apartments, bulk condo packages, duplex/triplex/fourplex properties, single-family rental portfolios (SFR Portfolios), income producing single-family investment properties, neighborhood strip centers, retail power centers, retail strip centers, neighborhood grocery, retail PAD and retail shopping centers. In the field of housing, Vestis Group’s principals have developed, built, rehabilitated, constructed, improved, managed, and sold thousands of apartments units, condos, single-family homes and home sites. – more at cem-az.com