1

Vestis Group Completes 1st Street Apartments Sale for $49,167 per unit

1st Street Apartments (source: Vestis Group)

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.

 




Vestis Group Completes $2.6M Sale of Trinity 38 Apartments

38-arcadia
Trinity 38 Apartments, 3234 North 38th Street, Phoenix, AZ

Phoenix, AZ – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of Trinity 38 Apartments, a 16-unit apartment complex located at 3234 North 38th Street, in the Arcadia-area of East Phoenix for $2.6 million or $162,500 per unit.

“Trinity 38 is located near hip Arcadia neighborhood restaurants, coffee shops, bars, health clubs and is a short drive to the Biltmore and Camelback Corridor,” says Natan Jacobs, Principal at Vestis Group and the lead broker for this transaction, “This neighborhood continues to be red-hot for investment with development projects almost everywhere you look, completed or under construction, including several new-home subdivisions and several recent apartment repositions. Trinity, as a turnkey multifamily community, will continue to add value for the new ownership moving forward.”

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 seller, a private investor from Scottsdale, Arizona. The buyer, a private investor from Santa Rosa, California, was represented by Victoria Miachika of Arizona Investment & Management, LLC in Scottsdale, Arizona.

Trinity 38 Apartments is centrally located in the Arcadia-area of Phoenix near numerous Valley hotspots, including: The Vig Arcadia, La Grande Orange Grocery, Postino WineCafe, Beckett’ s Table, Crudo, Nook, Chelsea’ s Kitchen and North Italia. The property is located in a quiet residential neighborhood one half mile south of Indian School Road, along 38th Street, allowing easy access to Biltmore shopping, Arcadia restaurants, and the Camelback Corridor, Phoenix’ s premier upscale shopping, dining and financial district. Nearby freeway access to State Route 51 (Piestewa Freeway) which connects to Interstate 10 (Maricopa Freeway), Loop 202 (Red Mountain Freeway), providing easy access to Downtown Phoenix, Sky Harbor International Airport, Tempe, Scottsdale, the southeast and southwest Valleys.

Built in 1962, Trinity 38 Apartments was fully remodeled and repositioned in 2015. Interior property upgrades include in-suite laundry, stainless-steel appliance package, double stainless steel sinks with garbage disposal and retractable multi-setting faucet, upgraded countertops with porcelain tile backsplash, stained concrete floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features a manicured courtyard featuring a stainless steel barbecue grill, steel pergola, swimming pool, pet friendly accommodations, keyed entry pedestrian gates and covered parking.

 




Playton Plaza in Phoenix Sells for $790,000

Vestis Executive officesPhoenix, AZ – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of Playton Plaza, a 20,648-square-feet, one and two-story, mid-century modern office building complex located in midtown Phoenix. The commercial office asset commanded a sale price of $790,000 or $38 per square foot.

The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Chad Barber negotiated the transaction on behalf of the buyer, MODE Apartments of Phoenix, and the seller, Bakerson Real Estate Capital Management, a private investment firm from Phoenix, Arizona.

“We are excited to start working on this adaptive reuse project,” says Les Litwin, Principal at Vestis Group, “Playton Plaza will be transformed from a vacant office complex into twenty-three apartment homes with modern residential amenities. We intend to keep the spirit of the original midcentury modern architecture as we revitalize and improve this asset.”

Playton Plaza 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, Oregano’s, St. Francis, Windsor, Little Cleo’s at The Yard, Culinary Dropout at The Yard, Taco Guild and Starbucks at Old School 07. The property is located in Midtown Phoenix 1.3 miles south of Camelback Road along 16th Street allowing easy access to Biltmore Fashion Park, the Camelback Corridor, the valley freeway system and numerous employers. Wellington Apartments is located approximately one half mile from the State Route 51 (Piestewa Freeway) which connects to Interstate 10 (Maricopa Freeway), Loop 202 (Red Mountain Freeway), providing easy access to Downtown Phoenix, Sky Harbor International Airport, Tempe, Scottsdale, the southeast and southwest Valleys. Built in 1963 and 1973, Playton Plaza has flat roofs and block construction, one and two-story buildings.

Vestis Group is the broker of choice for individuals and institutions investing in multifamily residential real estate throughout Metropolitan Phoenix. Our advisors assist clients in the acquisition and disposition of multifamily investment assets, including, apartments, bulk condo packages, duplex/triplex/fourplex properties, single-family rental portfolios (SFR Portfolios) and income producing single-family investment properties. 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.