Desert Arbor & 4th Avenue Apartments in Phoenix Sold for $2.74M

Desert Arbor Apartments
Desert Arbor Apartments, 725 W Vogel Avenue & 726 W Hatcher Rd, Phoenix, AZ

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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4th Avenue Apartments
4th Avenue Apartments, 631 N 4th Avenue, Phoenix, AZ

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.




Investment Portfolio Sale – 106 SFRs Sell for $16.8 Million in Metro Phoenix

Vestis SFR Portfolio
One of 106 SFRs in Portfolio Sale

Phoenix, AZ – Vestis Group, a leading multifamily real estate brokerage and investment firm, is pleased to announce that brokers Natan Jacobs, Les Litwin, Victoria Miachika and Chad Barber have completed the sale of one hundred six single family homes (106 Single Family Homes)  Portfolio sale in Phoenix for $16,775,000 ($158,255 per unit).

Vestis Group played an integral part in bringing the deal to fruition and connecting the buyer and seller. The properties were located throughout Metropolitan Phoenix.

“We (Vestis Group) were really impressed with the quality of construction and overall condition of the majority of the properties included in the portfolio and the Buyer was impressed with the level of finishes, floor plans and overall tenant quality and management the selling entity completed in order to keep the properties leased and maintained. It’s not an easy task. The Buyer plans to hold the properties for investment,” says Victoria Miachika, Investment Advisor at Vestis Group and the lead broker for this transaction.

The 106 Single Family Home Portfolio is comprised of one-hundred-six existing single-family detached homes located throughout metropolitan Phoenix, Arizona. The rental portfolio consists of mostly four-bedroom homes, built around 2004, and all had been recently updated and well maintained. 101 of the 106 homes were rented at the time of sale.

The buyer was Pacific Rim 106 Properties, LP, is a private partnership based in Scottsdale AZ, managed by Pacific Rim Properties Investments LTD, an experienced real estate investor with hundreds of single family rental homes in the Phoenix market.

The seller was Wymont Arizona II, LLC of Denver, Colorado.

The Phoenix-based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin, Victoria Miachika and Chad Barber represented the buyer in the transaction. The seller did not utilize third party representation.

To learn more Jacobs, Litwin, Miachika and Barber should be reached at 602.281.6202




Wilson & Tempe Apartments Sell for $1.46M Aggregate

Wilson Apartments
Wilson Apartments

Vestis Group announced the sale of Wilson Apartments, a 13-unit multifamily community for $950,000 ($73,077 per unit) and that of Tempe 8 Apartments, an 8-unit multifamily community in Downtown Tempe, Arizona for $510,000 ($63,750 per unit). These two closing are the fourth this past week for Vestis Group.

Wilson Apartments is located in highly sought after Ash neighborhood, near Arizona State University, at 1029 S Wilson Street, in Downtown Tempe.

The multifamily is a 13-unit, single-level, garden style apartment community located in the desirable Ash neighborhood in downtown Tempe. Built in 1978, the property is made of frame construction with flat roofs and is individually metered for electricity. The unit mix is comprised of 13 one-bedroom / one-bath units of approximately 495 square feet. The property is situated on approximately 0.46 acres and is zoned R-3 by the City of Tempe. Community Amenities include 20 uncovered parking spaces, on-site laundry facilities, and mature landscaping.

Wilson Apartments is southwest of the corner of University Drive and Mill Avenue.

Hinson Management LLC of Scottsdale was the seller of the property to a Canadian investment group from Vancouver, British Columbia. Natan JacobsLes Litwin and Victoria Miachika with Vestis Group in Phoenix represented the buyer in the sale. Terry Kass with Caliber Realty Group in Scottsdale represented the seller.

Tempe 8 Apartments
Tempe 8 Apartments

Tempe 8 Apartments at 1337 & 1343 W 3rd Street in Tempe, is an 8-unit multifamily community located in the Sunset neighborhood in Downtown Tempe that sold for $510,000 ($63,750 per unit).

AHF American Homes Fund (USA), LP of Scottsdale sold the property to a private investor from Phoenix.

The multifamily is an 8-unit, fourplex style apartment built in 1981. The property is made of block construction with pitched roofs and is individually metered for electricity. The unit mix is comprised of 4 one-bedroom / one-bath units of approximately 600-square-feet, and 4 two-bedroom / one-bath units of approximately 775-square-feet. The property is situated on approximately 0.42 acres zoned R-3 in the City of Tempe. Community Amenities include covered parking, on-site laundry facilities, mid-century modern architecture and mature landscaping.

Both Wilson Apartments and Tempe 8 Apartments are situated in a rapidly expanding Tempe student housing neighborhood with high barriers to entry, located at the corner of 3rd Street and Priest Drive. Tempe 8 is within walking distance to Arizona State University, Mill Avenue, Tempe Town Lake, Orbit Shuttle and the Valley Metro Light Rail. The property is situated in a residential neighborhood within close proximity to the Loop 202 Freeway, allowing easy access to Sky Harbor International Airport, Downtown Phoenix, Scottsdale, Mesa, the valley freeway system and numerous employers.

Natan JacobsLes Litwin and Victoria Miachika with Vestis Group in Phoenix represented the Seller in the sale of this Tempe multifamily property. Terra Morales with Realty One Group in Phoenix represented the Buyer.