Vestis Group completed the sale of Pasadena Apartments, a 9-unit multifamily property, and Linda Loma Gardens Apartments, a 26-unit community, in two separate transactions in Phoenix for a combined total of $2.15 million.
Phoenix, AZ – Vestis Group is pleased to announce that Brokers Natan Jacobs, Les Litwin and Chad Barber have completed the sale of Loma Linda Garden Apartments, a 26-unit multifamily community located at 2104-2122 East Fairmount Avenue, in the trendy Loma Linda Neighborhood in the Biltmore-area of Phoenix, Arizona for $1,500,000 ($57,692 per unit).
“The buyer is ready to save and breathe new life into this project,” says Chad Barber, Investment Advisor at Vestis Group and the lead broker for this transaction, “I know they plan to remodel and renovate the community with a great respect for the original architecture and spirit of the buildings, offering a great mix of vintage sensibility and modern amenities.”
Loma Linda Garden Apartments is a mid-century modern, single 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 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. Built in 1956, 1958 and 1964, Fairmount Apartments, likely designed by Ralph Haver, is comprised of one (1) one-bedroom / one-bathroom unit, twenty-three (23) two-bedroom / one-bath units, and two (2) three-bedroom / two-bath units, with a total average unit size of 798 square feet. The buildings are constructed of block with pitched roofs. Amenities include laundry facilities, storage units, pool, mature landscaping, covered parking.
Loma Linda Garden Apartments is located in Phoenix’s historic Loma Linda Neighborhood, east of the SR-51 Piestewa Freeway, west of 24th 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. The property is a short distance from the Grand Canal, which many people utilize for recreation, including running and biking. 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.
The buyer is a private investment group from Phoenix specializing in acquiring, remodeling and operating multifamily investment real estate. The buyer plans to spend approximately $741,000 ($28,500 per unit) to rehabilitate and improve the project.
The seller was the Moretti Family Trust of Kentfield, California.
In a separate transaction the Vestis Group completed the sale of the Pasadena Apartments, a 9-unit multifamily community located at 302 West Pasadena Avenue, in central Phoenix, Arizona for $650,000 ($72,222 per unit).
Pasadena Apartments is a garden-style, one-story, multifamily community located in the trendy Medlock Place Historic District in Midtown Phoenix, just north of Camelback Road, west of Central Avenue, east of 7th Avenue (Melrose On 7th), near Park Central Mall, Phoenix College, St. Joseph’s Hospital and Medical Center, Carl T. Hayden VA Medical Center, and boutiques and popular eateries such as The Newton, QCumberz, Retro Ranch, Paris Envy, Flo’s On 7th, Figs Home & Garden, Halo Animal Rescue Thrift Boutique, Melrose Vintage, Southern Rail, Copper Star Coffee, Gadzooks, and Taco Guild. Built in 1959, Pasadena Apartments has a pitched roof and concrete-block construction, single-level buildings. The unit mix is comprised of five (5) one-bedroom / one-bath units of approximately 720 square feet, four (4) two-bedroom / one-bath units of approximately 915 square feet and one (1) two-bedroom / two-bath unit of approximately 922 square feet. Common area amenities include laundry facilities, covered parking and mature landscaping. 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.
The buyer, a private investor from California, purchased the property as a long term investment.
The seller, Russell Ruhr, is from Vancouver, British Columbia, Canada.
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Victoria Miachika represented the buyers in both these transaction. The sellers did not utilize third party representation.