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.

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.

PHOENIX, AZ – Vestis Group is pleased to announce the addition of Matt Morrell, President, to Vestis Group’s retail brokerage group in Phoenix. In this role, Matt, most recently at De Rito Partners, Inc., will specialize in representing Phoenix retail owners and landlords, occupiers of Phoenix retail real estate, as well as retail developments in Phoenix, Arizona.

“We are very excited to have Matt join the Vestis Group team in Phoenix,” said Natan Jacobs, Principal and Designated Broker, of Vestis Group. “Not only does Matt have significant experience across retail leasing, tenant representation, investment sales and retail development, but his connections, contagious energy and experience with Vestis Group’s resources and capabilities will yield tremendous results.”

Prior to joining Vestis Group, Matt served as President of De Rito Partners Inc. overseeing 20 retail brokers and 180 listings. Prior to that, Matt served as Executive Vice President of De Rito Partners Inc. where he oversaw the leasing and marketing of 45 company-owned commercial real estate assets, totaling over 2 million square-feet of retail space.

Matt was recognized as a Top Retail Leasing Broker with the Costar Power Broker Award in 2010. For over 13-years, Matt Morrell has represented national, regional and local tenants with their expansion plans in Arizona.

Matt graduated from Arizona State University with a Business and Communications degree and is a native of Arizona. Matt currently holds an Arizona Department of Real Estate Salesperson’s License and has been a member of the International Council of Shopping centers for over 10 years.

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