Phoenix – Estates at Midtown Apartments Sell for $1.15 Million

Medlock Manor Apartments, LLC of Mesa, Arizona sold the Estates at Midtown Apartments, located at 312 W Medlock Drive, in midtown Phoenix to Property Investors Hub, LLLP from Vancouver, BC for $1,150,000 ($82,143 per unit).

Estates at Midtown Apartments is a 14 unit, garden-style multifamily community located in central Phoenix. Built in 1965, Estates at Midtown has a pitched, composition roof and concrete-block construction, two-level buildings. The unit mix is comprised of two-bedroom / one-bath units of approximately 940 square feet, two-bedroom / two-bath units of approximately 1,050 square feet and three-bedroom / two-bath units at 1,260 square feet. All the units have spacious kitchens and large closets. Common area amenities include a swimming pool, covered parking and laundry facility.

The multifamily property consists of two- and three-bedroom apartments; all had been recently updated with stained concrete and wood-style flooring, colorful tile backsplashes, matching countertops, gourmet kitchens, retro lighting and more. Thirteen of fourteen units were rented at the time of sale.

Estates at Midtown is located in Midtown Phoenix, just minutes from the “Golden Corner” of 24th Street & Camelback, Camelback Corridor, Downtown Phoenix, Sky Harbor International Airport and numerous Valley hotspots, including: Postino WineCafe, Maizie’s Cafe, Hula’s Modern Tiki, Gallo Blanco, Fez, St. Francis, Windsor and Oregano’s. Nearby shopping includes, AJ’s Fine Foods, Safeway, Bashas’, Park Central Mall, Phoenix Metro Retro, Modern Manor and Smeeks. The property is located in Midtown Phoenix along Medlock Drive, 0.2 miles north of Camelback Road and 0.3 miles west of Central Avenue, allowing easy access to the Valley Metro Light Rail, Biltmore Fashion Park, the Camelback Corridor, the valley freeway system and numerous employers.

Victoria Miachika, Natan Jacobs and Les Litwin with Vestis Group in Phoenix which specializes in multifamily investment sales and advisory services represented the buyer in the sale of this Phoenix multifamily property. Ryan Hartman with Leagan Properties in Scottsdale represented the seller.

Miachika, Jacobs and Litwin should be contacted at 602.387.5330. Hartman can be reached at 480.766.2115.