VESTIS GROUP BROKERS CENTRAL PHOENIX MULTIFAMILY PORTFOLIO SALE
By Natan Jacobs | Vestis Group
Vestis Group completed the sale of Highland Apartments, a 6-unit multifamily rental property, located at 315 & 319 W Highland Ave, Phoenix, Arizona 85013 and Turney Apartments, an 8-unit multifamily rental property, located at 243 W Turney Ave, Phoenix, Arizona 85013, for $975,000 or $69,643 per unit.
(Phoenix – June 26, 2017) – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of Highland Apartments, a 6-unit multifamily rental property, located at 315 & 319 W Highland Ave, Phoenix, Arizona 85013 and Turney Apartments, an 8-unit multifamily rental property, located at 243 W Turney Ave, Phoenix, Arizona 85013, for $975,000 or $69,643 per unit.
“This is MODE Apartment + Homes’ 40th acquisition in the Phoenix market and their third purchase near Midtown Phoenix’s Melrose District,” says Chad Barber, Investment Advisor at Vestis Group and the lead broker for this transaction, “I’m excited that we were finally able acquire a Central Phoenix red brick charmer. Being within walking distance to Lux Coffee, the light rail and several other CenPho hotspots was the driving force for pursuing this multifamily portfolio.”
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Chad Barber and Matt Morrell negotiated the transaction on behalf of the buyer, MODE Apartments + Homes of Phoenix in the sale. The seller, Grosberg Family Trust of Phoenix, Arizona, did not utilize third party representation.
Highland Apartments is situated in the trendy Pierson Place Historic District in Midtown Phoenix, where homes were built between 1910 and 1956. The Central Avenue Corridor is less than half a mile from the subject property and serves as the main connection between Uptown/Midtown and Downtown Phoenix and is one of Phoenix’ s most vital and heavily trafficked stretches of roadway with nearly 60,000 cars daily. It is the region’ s largest employment corridor with over 18 million square feet of office space accommodating more than 120,000 employees and is home to prominent employers including The City of Phoenix, Wells Fargo, JPMorgan Chase, Freeport McMoRan, Bank of America, and United Healthcare.
Built in 1952 and 1959, Highland Apartments is comprised of two (2) one-bedroom units and four (2) two-bedroom units. The buildings are constructed of block with pitched Spanish tile roofs. The property is individually metered for electricity and master metered for water.
Turney Apartments is situated just south of the trendy Pierson Place Historic District in Midtown Phoenix. Built in 1947, 1948 and 1971, Turney Apartments is comprised of four (4) one-bedroom units and four (2) two-bedroom units. The buildings are constructed of block with pitched asphalt shingle roofs. The property is individually metered for electricity and master metered for water.
The Valley Metro light rail line is within walking distance from the Highland and Turney properties and operates along Camelback Road and Central Avenue. The light rail has 28 stops along its 20 mile route and services more than 14 million people every year.
Highland and Turney are both located adjacent to the Melrose District, a hip stretch along 7th Avenue lined with restaurants, shops, music stores and boutiques.
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.