Vestis Group Completes Phoenix Biltmore-Area Single Family Rental Sale
VESTIS GROUP COMPLETES PHOENIX BILTMORE-AREA SINGLE FAMILY RENTAL SALE
Vestis Group completed the sale of Montecito House, a single-family rental located at 1841 East Weldon Avenue, in the Biltmore-area of Phoenix for $185,000 or $192 per square foot.
By Natan Jacobs | Vestis Group
(Phoenix – October 12, 2015) – Vestis Group is pleased to announce that Brokers Natan Jacobs, Les Litwin and Chad Barber have completed the sale of Montecito House, a single-family rental located at 1841 East Montecito Avenue, in the Biltmore-area of Phoenix, Arizona for $185,000 or $192 per square foot.
“The buyer is excited to get going on this project,” says Chad Barber, Investment Advisor at Vestis Group and the lead broker for this transaction, “They are planning a major remodel and addition to the former single family rental. The Montecito House will get a new construction 1,188 square feet addition, with new gourmet kitchen and a new master bedroom suite. The finished residence will include approximately 2,150 square feet with 4 total bedrooms and 2.5 baths. All work will be fully permitted and done by a licensed contractor.”
Montecito House is a single story, single-family home located in east central Phoenix within close proximity to the prestigious Biltmore-area and Camelback Corridor, Phoenix’s premier upscale shopping, dining and financial district. 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. East Morningside Apartments is located approximately a half mile 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 buyer, MODE Homes, is a privately owned real estate firm specializing in reinventing unique, historic and midcentury modern homes with contemporary design and modern amenities. The buyer plans to spend over $145,000 ($67 per square foot) to rehabilitate and improve the project.
The seller was a private investor from Phoenix, Arizona.
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Chad Barber represented the buyer in the transaction. The seller did not utilize third party representation.
Vestis Group is the broker of choice for individuals and institutions investing in multifamily residential real estate throughout Metropolitan Phoenix. Our advisors assist clients in the acquisition and disposition of multifamily investment assets, including, apartments, bulk condo packages, duplex/triplex/fourplex properties, single-family rental portfolios (SFR Portfolios) and income producing single-family investment properties. 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.
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