Vestis Group Completes 1st Street Apartments Sale for $49,167 per unit
Phoenix, Arizona – Vestis Group, a multifamily brokerage and investment firm, announced the new year’s eve closing of 1st Street Apartments, a six-unit multifamily property, located at 8801 N 1st Street in North Central Phoenix for $295,000 or $49,167 per unit.
“This is MODE Apartment + Homes’ 37th acquisition in the Phoenix market and their first purchase in North Central Phoenix,” says Chad Barber, Investment Advisor at Vestis Group and the lead broker for this transaction, “We are excited for the potential of this neighborhood. Being walking distance to fantastic dining like Ladera, Timo and Spoke & Wheel was the driving force for pursuing this asset.”
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin, Chad Barber and Matt Morrell negotiated the transaction on behalf of the buyer, MODE Apartments + Homes of Phoenix in the sale. The seller, Seven Seas Investments LLC of Orange, California, was represented by Sophia Baron of Real Living S.J. Fowler Real Estate.
1st Street Apartments is a two-story, multifamily community located in North Central Phoenix, near HonorHealth John C. Lincoln Medical Center, Murphy’s Bridle Path, Arizona Canal, and boutiques and popular eateries such as Ladera, Timo On Central, Spoke & Wheel and Via Delosantos.
Built in 1971, 1st Street Apartments is a two-story multifamily community located in North Central Phoenix near shopping, culture, restaurants and transportation, featuring two-bedroom apartment homes, with an average living space of approximately 750 square feet. The property includes tuck-under covered parking, facilities and is located near Murphy’s Bridal Path and the Arizona Canal, which many people utilize for recreation, including running and biking. The property is situated just east of Central Avenue, between Northern Avenue and Dunlap Avenue, approximately 4.6 miles from State Route 51 (Piestewa Freeway), which connects to the Interstate 10 (Papago Freeway) and Loop 202 (Red Mountain Freeway), providing easy access to Downtown Phoenix, Sky Harbor International Airport, Tempe, Scottsdale, the southeast and southwest Valleys. 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 and gas in their units, including the cost of heating and air conditioning.