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 Jacobs, Les 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 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 Jacobs, Les 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.