VESTIS GROUP COMPLETES OFF-MARKET PHOENIX MULTIFAMILY SALE NEAR 7TH STREET CORRIDOR
By Natan Jacobs | Vestis Group
(Phoenix – January 31, 2018) – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of MODE @ 10th Street, a 10-unit, single-story apartment community located at 4140 North 10th Street, in Midtown Phoenix for $1,341,840 or $134,184 per unit.
“This was our third transaction with this same buyer in the last few months,” says Natan Jacobs, Principal at Vestis Group and the lead broker for this transaction, “the buyer also closed on 8-units in the Biltmore-area of Phoenix, today, and another 7-units in the Arcadia-area, back in October.”
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Chad Barber and Matt Morrell negotiated the transaction on behalf of the seller, MODE Apartments+Homes from Phoenix, Arizona. The buyer, a private investor from Los Altos, California, was represented by Victoria Miachika of Arizona Investment & Management LLC, in Scottsdale, Arizona. MODE Apartment Living LLC will continue to professionally manage the apartment community for the new owner.
MODE @ 10th Street, aka 10th Street Apartments, is a boutique, 10-unit, single story, apartment community located 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.
10th Street Apartments is a modern rental community located in Midtown Phoenix, approximately one mile west of Arizona State Route 51 (Piestewa Freeway) and approximately three miles north of Interstate 10, north of Indian School Road, and east of 7th Street, allowing easy access to Downtown Phoenix, the Central Office Corridor, Camelback Corridor and Phoenix Sky Harbor International Airport. The property is a short distance from the Grand Canal, which many people utilize for recreation, including running and biking.
Built in 1963, 10th Street Apartments was fully remodeled and repositioned in 2017. The apartment community is comprised of ten (10) residential rental units, including five (5) one-bedroom/ one-bathroom apartment homes of approximately 700 square feet, four (4) two-bedroom/ one-bathroom apartment homes of approximately 850 square feet, and one (1) two-bedroom/ two-bathroom apartment home of approximately 1,000 square feet. Interior property upgrades include in-suite laundry, stainless-steel appliance package, stainless steel sinks with garbage disposal and retractable multi-setting faucet, upgraded countertops, stained concrete floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features a central courtyard with outdoor fireplace and grilling station, pet friendly accommodations and covered parking.
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.