Marcus & Millichap (NYSE: MMI) announced the sale of The SEBO, an early century historic apartment building located in the prestigious Roosevelt Historic District of Downtown Central Phoenix. The asset commanded a sales price of $1,200,000 or $150,000 per unit.

Brian Tranetzki and Rich Butler, multifamily investment specialists in Marcus & Millichap’s Phoenix office had the exclusive listing, marketed the property and negotiated the transaction on behalf of the seller, a local private investment partnership.

“The SEBO is a re-development opportunity of an existing early century historic apartment building that had been converted to office space in the 1950’s and is now in the process of being converted back to eight high end boutique multifamily units. According to the Arizona Business Journal, apartment rents in Roosevelt Row and central Phoenix core are the most expensive for the entire metro area, surpassing rents in Old Town Scottsdale, reportedly for the first time ever. The property is located in the heart of the Phoenix arts district, a vibrant downtown community providing truly authentic city living in one of the fastest growing areas of the State,” says Tranetzki.

The property is located at 402 West Roosevelt Street, Phoenix, Arizona.

“Situated in the heart of the popular and historic Roosevelt Row, this epicenter of Central Phoenix is surrounded by some of the top entertainment venues in Phoenix which includes the Herberger Theater, Comerica Theater, The Orpheum Theater, Phoenix Symphony Hall, Arizona Center for the Arts and the Phoenix Science Center. SEBO is also walking distance to Arizona State University’ s downtown campus, the University of Arizona College of Medicine, ASU’ s Sandra Day O’ Connor School of Law and the Phoenix Biomedical Campus for UofA and NAU,” adds Butler.

PHOENIX, AZ – Marcus & Millichap (NYSE: MMI), announced the sale of Bethany at Midtown, a recently renovated mid-century art deco style apartment building in the Uptown Phoenix corridor.  The asset commanded a sales price of $3,160,000 ($79,000 per unit).

Brian Tranetzki and Rich Butler, multifamily investment specialists in Marcus & Millichap’s Phoenix office had the exclusive listing and negotiated the transaction on behalf of the seller, a local private real estate investment company and buyer, a private investor out of the Los Angeles area.

“Bethany at Midtown underwent an extensive modernization that included over half a million dollars of improvements which include all new appliances, new cabinets in the 8 studio units and new cabinet fronts in the remaining interiors, as well as new countertops, flooring, sinks, vanities, and fixtures. The laundry facility was completely redesigned with new flooring, washers and dryers. The exterior was also completely redone with a bright urban color scheme, a redesigned court yard featuring a spice garden, lighted benches, a barbecue grill, and a patio style sitting area with modernized furniture,” says Tranetzki.

The property is located just west of 7th Street at 525 East Bethany Home Road, Phoenix, Arizona.

“Bethany at Midtown tenants enjoy the benefit of convenient access to all parts of the Valley via the Piestewa Freeway, bus lines, and the Metro Light Rail which serves downtown Phoenix through to Sky Harbor Airport, ASU and Mesa. Within walking distance is Cinema Park Village Shopping Center, a neighborhood anchored mall which includes Bashas’ grocer, Ace Hardware and a Starbucks coffee shop. A few miles to the east is the prestigious Biltmore area of the picturesque Camelback Corridor, the city’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,” adds Butler.

To learn more Tranetzki should be contacted at 602.687.6755, Butler can be reached at 602.687.6782.

Phoenix, AZ – Vestis Group is pleased to announce that brokers Natan Jacobs, Les Litwin and Chad Barber have completed the sale of Alvarado Apartments, a 10-unit multifamily community located in the trendy Alvarado East Historic District neighborhood in Midtown Phoenix for $425,000 ($42,500 per unit).

Rolf Erikson of Solana Beach, California was the seller of Alvarado Apartments, located at 376 East Alvarado Road, and 376 E. Alvarado, LLC of Phoenix, the buyer. Natan Jacobs, Les Litwin and Chad Barber with Vestis Group in Phoenix represented the buyer. Brian Tranetzki, Rich Butler and Chris Lake with Marcus & Millichap in Phoenix represented the seller.

Alvarado Apartments is a single story, multifamily community located in the East Alvarado Historic District in Midtown Phoenix, near the Valley Metro Light Rail, the Phoenix Art Museum, the Heard Museum, Arizona Opera, Phoenix Theatre, Lisa Sette Gallery, Margaret T. Hance Park, Park Central Mall, Phoenix Children’s Hospital, Arizona Heart Hospital, and boutiques and popular eateries such as The Pie Hole, Humble Pie, Wy Knot Cafe, The Main Ingredient Ale House & Cafe, Bikini Beans Expresso, MacAlpine’s Soda Fountain, Rice Paper, Urban Vine, America’s Taco Shop,Green, Nami, Gadzooks, Taco Guild, Sutra Midtown Yoga,Salvador Calvano Hair and some of our State’s top schools including Xavier College Preparatory and Brophy College Preparatory.

Built in 1958, Alvarado Apartments is comprised of six (6) one-bedroom / one-bathroom units of approximately 600-square-feet and four (4) two-bedroom / one-bathroom units of approximately 775-square-feet. The buildings are constructed of block with pitched asphalt shingle roofs. Amenities include laundry facilities, storage units, desert landscaping, and surface parking. The property is located in Midtown Phoenix, less than one mile north of Interstate 10 and approximately one and one half miles west of Arizona State Route 51 (Piestewa Freeway), along Alvarado Road, just west of 7th Street, allowing easy access to Downtown Phoenix, providing access to the State’s densest employment corridor. 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.

The buyer, Vestis Group, is a privately owned real estate firm specializing in multifamily residential investment real estate. Vestis Group invests in distressed, older vintage, multi-family, commercial and single-family properties, which require minor to major rehab, in established or trendy, improving/transitional neighborhoods and increase the value through high-end renovation, target marketing and hands-on property management.

“This was a great purchase for us,” said Les Litwin, a principal with Vestis Group. “The property is well located in a trendy area of Midtown Phoenix, near downtown, the light rail, restaurants, museums and entertainment. Homes in the neighborhood range from $400,000 to over $1.3 million. We intend to put out a high-end rental product commensurate with the neighborhood.”

Litwin said they have purchased eight multifamily properties and an office building in the last twelve months and have several new acquisitions scheduled in the coming weeks. “We are hoping to acquire another ten to twelve apartment redevelopment projects over the next year,” Litwin said.

To learn more Vestis Group can be reached at (602) 281.6202.