PHOENIX – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Camelback Vista, a 200-unit apartment property located in Phoenix, AZ, according to Don Morrow, Regional Manager of the firms Phoenix office. The asset commanded a sales price of $5,125,000.

Rich Butler, Brian Tranetzki, Cliff David and Steve Gebing multifamily investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor based out of Texas. The buyer, La Fuente de la Comunidad, LLC, was represented by Todd Noel of Colliers International in Phoenix.

“Camelback Vista is located directly along Camelback Road and just blocks away from Grand Canyon University, a private for-profit institution established in 1949 which is quickly becoming one of Arizona’s preeminent Universities.” says Butler. “GCU has undergone significant expansion since 2010 with additions such as six new modern dorm buildings, a 55,000 square foot Student Recreation Center and the campus’s main attraction- the 5,000 seat Grand Canyon University Arena.”

Developed by Granada Construction in 1978, this 200-unit apartment community is constructed of block and stucco with a tile roof design. The subject property is composed of 96 studio apartments, 103 one-bedroom apartments, and one two-bedroom one-bath apartment.

“With the sale of Camelback Vista, we expect rapid improvements to occur on site as well as changing the landscape of the Camelback corridor just west of Interstate 17. This should continue to bolster dynamic growth for the submarket.” adds Tranetzki.

To learn Butler, Tranetszki, David ad Gebing should be reached at (602) 687-6700

Vestis Group | Vestis Capital LLC acquired the 7,986-square-foot Holiday Resort Apartments located at 4226 North 27th Street in Phoenix for $500,000 ($50,000 per unit). The Holiday Resort Apartments, a 10-unit multifamily community located in the sought-after Camelback Corridor neighborhood, is just south of the Biltmore in Phoenix, Arizona.

The garden-style community (built 1971) is a concrete-block construction, single-level buildings, and a pitched, composition roof. Units are is individually-metered for utilities. The unit mix comprises one (1) studio apartment, eight (8) two-bedroom / one-bath units and one (1) three-bedroom / two-bath unit. All have spacious kitchens, large closets and private enclosed patios. Common area amenities include a swimming pool and cabana, shuffleboard, ample parking and laundry facility.

Holiday Resort 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. Holiday Resort 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.

The seller in the transaction was SWE, LLC of Phoenix, Arizona. Vestis Group owns five additional assets in the Metro Phoenix market and continues to seek investment opportunities for purchase. Established in 2008, 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 increases the value through high-end renovation, target marketing and hands-on property management.

Natan Jacobs and Les Litwin with Vestis Group in Phoenix represented the Buyer in the Phoenix multifamily sale. Brian Tranetzki and Rich Butler with Marcus & Millichap in Phoenix represented the Seller.

Jacobs and Litwin should be reached at (602) 387-5330 or visit their webiste at https://vestis-group.com/  while Tranetzki and Butler can be contacted at (602) 687-6700.