VESTIS GROUP COMPLETES SALE OF 22ND STREET APARTMENTS IN PHOENIX
Vestis Group completed the sale of 22nd Street Apartments, an 11-unit multifamily community, located at 4120 North 22nd Street, in the Biltmore-area of Phoenix for $895,000 or $81,364 per unit.
By Natan Jacobs | Vestis Group
(Phoenix – December 29, 2015) – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of 22nd Street Apartments, an 11-unit apartment complex located at 4120 North 22nd Street in the Biltmore-area of Phoenix, Arizona. The multifamily asset commanded a sale price of $895,000 or $81,364 per unit.
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Chad Barber negotiated the transaction on behalf of the buyer, MODE Apartments of Phoenix, and Dan Harach of Allegiant Properties represented the seller, a private investor, from Phoenix, Arizona.
22nd Street Apartments enjoys a superior east central Phoenix location within close proximity to the prestigious Biltmore-area and Camelback Corridor, Phoenix’s premier upscale shopping, dining and financial district. The area is surrounded by high-profile businesses, luxury resorts and some of the most exclusive homes in the Valley with median home values around $700,000, though many exceed $2 million. 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. 22nd Street 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. Built in 1986, Villa Pacifica Apartments is comprised of one (1) three-bedroom / two-bathroom unit and ten (10) two-bedroom / two-bathroom units. The buildings are constructed of wood frame with pitched roofs. Amenities include onsite laundry facilities, covered parking, private patios and mature landscaping.
“22nd Street Apartments is MODE Apartments’ twenty-first apartment acquisition in the greater Phoenix market,” says Les Litwin, Principal at Vestis Group, “This Biltmore-area multifamily property will be highly renovated inside and out with luxury finishes, contemporary styling and modern amenities.”
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.