La Ville Apartments, a 20-unit apartment complex located at 4231 North 27th Street in the Biltmore-area of Phoenix, Arizona commanded a sale price of $1.23 million ($61,500 per unit).

La Ville Apartments enjoys a superior east central Phoenix location within close proximity to the prestigious Biltmore-area and Camelback Corridor, Phoenix’s premier upscale shopping, dining and financial district. The area is surrounded by high-profile businesses, luxury resorts and some of the most exclusive homes in the Valley with median home values around $700,000, though many exceed $2 million. The property is situated just south of Camelback Road, less than a mile and a half from the Biltmore Fashion Park, a 535,430-square foot open air regional shopping mall, with notable tenants including: Macy’s, Saks Fifth Avenue, Chanel, Gucci, Prada, Louis Viutton, Fendi, Apple, Crate & Barrel, and Williams Sonoma. Notable area employers include Northwestern Mutual, Merrill Lynch, North Trust Bank, UBS, Alliance Residential Company, Cole Real Estate Investments, Fennemore Craig, Greenburg Traurig, DLA Piper and Cisco Systems, Inc. La Ville Apartments is located approximately 1.7 miles 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 1970, La Ville Apartments is comprised of twenty (20) two-bedroom / one-bathroom units of approximately 819 square feet. The buildings are constructed of block with pitched roofs. Amenities include a swimming pool, laundry facilities, surface parking, private patios and mature landscaping.

The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Chad Barber worked in conjunction with Jeff Seaman, Derek Smigiel and Brian Smuckler of CBRE in Phoenix, who negotiated the transaction on behalf of the buyer, MODE Apartments of Phoenix, and the seller, Total World Management of Saratoga, California.

“La Ville was purchased as an upleg to a 1031 exchange, along with two other Phoenix apartment complexes, following the recent sale of MODE @ 18th Street,” says Les Litwin, Principal at Vestis Group, “The multifamily property will be renovated inside and out with high-end finishes, contemporary styling and modern anemities.”

Ben Pines Apartments, a 15-unit apartment complex located at 3122 North 38th Street in the Arcadia-area of Phoenix, Arizona sold for $937,500 ($62,500 per unit).

Ben Pines Apartments enjoys a superior east central Phoenix location 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 the Biltmore, Camelback Corridor, the Valley freeway system and numerous employers. Built in 1978, Ben Pines Apartments is comprised of fifteen (15) two-bedroom / one-bathroom units of approximately 700 square feet. The buildings are constructed of block with pitched roofs. Amenities include laundry facilities, surface parking and mature landscaping.

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. Norman Fox of Infill Realty Services represented the seller, Ashford Properties LLC of Phoenix.

“Ben Pines was purchased as an upleg to a 1031 exchange, along with two other Phoenix multifamily properties, following the recent sale of MODE @ 18th Street,” says Les Litwin, Principal at Vestis Group, “The property was purchased vacant and a major renovation is planned. The goal is to have newly remodeled apartment homes available for lease in January 2016.”

East Morningside Apartments, a 10-unit apartment complex located at 4116-4120 North 21st Street in the Biltmore-area of Phoenix, Arizona sold for $560,000 ($56,000 per unit).

East Morningside Apartments enjoys a superior east central Phoenix location within close proximity to the prestigious Biltmore-area and Camelback Corridor, Phoenix’s premier upscale shopping, dining and financial district. The property is situated just south of Camelback Road, less than a mile and a half from the Biltmore Fashion Park, a 535,430-square foot open air regional shopping mall, with notable tenants including: Macy’s, Saks Fifth Avenue, Chanel, Gucci, Prada, Louis Viutton, Fendi, Apple, Crate & Barrel, and Williams Sonoma. Notable area employers include Northwestern Mutual, Merrill Lynch, North Trust Bank, UBS, Alliance Residential Company, Cole Real Estate Investments, Fennemore Craig, Greenburg Traurig, DLA Piper and Cisco Systems, Inc. East Morningside Apartments is located approximately a 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 1964, East Morningside Apartments is comprised of ten (10) residential rental units, including one (1) three-bedroom / two-bathroom single family residence, one (1) one-bedroom/ one-bathroom studio unit, four (4) one-bedroom / one-bathroom apartment homes and four (4) two-bedroom / one-bathroom apartment homes. The buildings are constructed of block with pitched roofs. Amenities include private patios, a laundry facility, surface parking and mature landscaping.

The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Chad Barber represented the buyer, MODE Apartments of Phoenix in the sale. The seller, a private investor from Vancouver, British Columbia, was represented by Linda Gerchick and Tracy Ward of UpTown Realty.

“East Morningside was purchased as an upleg to a 1031 exchange, along with two other Phoenix apartment complexes, following the recent sale of MODE @ 18th Street,” says Les Litwin, Principal at Vestis Group, “The apartment community and adjacent single-family residence will be renovated inside and out with high-end finishes, contemporary styling and modern amenities.”

Tempe, AZ –ORION Investment Real Estate is pleased to announce that Palm Terrace Apartments and affiliate of Vestis Group (Principals Natan Jacobs and Les Litwin) have completed the sale of Palm Terrace Apartments, a 44-unit multifamily community located at 1133 West 5th Street, just west of the Farmer Arts District in Downtown Tempe, Arizona for $3,050,000 ($69,318 per unit).

Joseph Dietz of Orion Investment Real Estate in Scottsdale, Arizona represented the buyer and the seller in the transaction.

“This was a great acquisition for our group,” says Les Litwin, Principal at Vestis Group and a partner in the buying entity, “The property is well located just west of the trendy Farmer Arts District in Downtown Tempe, on the campus shuttle line, near Mill Avenue, the Valley Metro Light Rail, restaurants, bars and entertainment. We intend to put out a high-end rental product, in-line with our other MODE Apartments communities, using contemporary styling and adding modern amenities to compliment the neighborhood.”

Palm Terrace Apartments, is a 44-unit, garden-style, two-story, apartment community located in a strong rental area of north Tempe, just west of Mill Avenue, Arizona State University and the Farmer Arts District in Downtown Tempe. The property was built in 1973 of concrete block construction and is individually metered for electricity. The garden-style community has a swimming pool, covered parking and outdoor barbecue area. The units are extremely spacious two-bedroom/one-bath at 916 square-feet, and have private balconies/patios, refrigerators, dishwashers and disposals. The total site area is 2.08 acres.

A major renovation is planned for Spring 2015. Planned exterior improvements include; refinishing of the second floor exterior with new stucco and trim with metal accents, including a screen wall for the rooftop HVAC. New windows throughout the property, extensive HVAC replacement. Repair and replace the exterior stairway and terrace railings. Upgrades to landscaping and common areas, remodeling the existing laundry and maintenance room to become a poolside gym room and adjacent leasing office. Repair and re-coat the parking lot, upgrade pool area. Planned interior renovations will include an additional bath, washer/dryers in each unit, new cabinetry throughout, new appliances, a kitchen bar/counter that opens to the dining area, new flooring, electrical fixtures and fans.

Palm Terrace Apartments is located in north Tempe, along 5th Street and Beck Avenue, just west of Hardy Drive, in close proximity to Arizona State University, Mill Avenue, Farmer Arts District, Tempe Town Lake, Orbit Shuttle and the Valley Metro Light Rail. The property is located in a quiet residential neighborhood just west of Downtown Tempe, within close proximity to the Loop 202 Freeway, allowing easy access to Sky Harbor International Airport, Downtown Phoenix, Scottsdale, the valley freeway system and numerous employers. 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 $1,600,000 ($36,364 per unit) to renovate and improve the project.

The seller was Palm Terrace Tempe, LLC of Phoenix, Arizona.

To learn more Dietz should be contacted at 480.689.4107 or email joseph.dietz@orionprop.com

Phoenix, AZ – CBRE has negotiated the sale of Desert Arbor Apartments for $1.7 million ($23,288 per unit). The buyer was Stardom Apartments, LLC from Woodside, California that purchased the 73-unit apartment complex, located at 725 West Vogel Avenue and 726 West Hatcher Road in Phoenix, Arizona from Las Salas, Inc of Phoenix, Arizona.

Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both buyer and the seller in negotiating the $1.7 million transaction.

To learn more Smuckler and Seaman should be contacted in the Phoenix office at 602.735.5555.

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Phoenix, AZ – Vestis Group negotiated the sale of 4th Avenue Apartments, a 16-unit, garden-style, two-story, multifamily community located at 631 N 4th Avenue, in downtown Phoenix, Arizona for $1,040,000 ($65,000 per unit).

The unit mix is comprised of five (5) one-bedroom / one-bath units of approximately 720 square feet, three (3) 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 buyer, a private investor from Australia, purchased the property as a long term investment. “The buyers are ex pats living abroad who recognized the potential appreciation of the central downtown of a major city like Phoenix,” says Victoria Miachika, Investment Advisor at Vestis Group, “They are long term holders with an eye to capitalize on the ongoing developments, ASU and proximity to the LRT”

The seller, Rescon Properties, LLC, from Topsfield, Massachusetts, renovated the exterior and several unit interiors in 2013. Brokers Natan Jacobs, Les Litwin and Victoria Miachika of Vestis Group in Phoenix represented both the buyer and the seller in the transaction.

The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Victoria Miachika represented both the buyer and seller in negotiating the transaction.

To learn more Jacobs, Litwin and Miachika can be reached at 602.281.6202.