VESTIS GROUP SELLS MIDTOWN PHOENIX APARTMENTS FOR $142,308 PER UNIT
Vestis Group completed the sale of MODE @ Pierson Apartments, a 13-unit multifamily community, located at 605 West Pierson Street in central Phoenix for $1,850,000.
By Natan Jacobs | Vestis Group
(Phoenix – April 13, 2016) – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of MODE @ Pierson, a 13-unit apartment complex located at 605 West Pierson Street, in the Pierson Place Historic District of Midtown Phoenix for $1,850,000 or $142,308 per unit.
“605 W Pierson underwent a major transformation in 2015,” says Natan Jacobs, Principal at Vestis Group, “The remodel was done with a great respect for the original architecture and spirit of the buildings. The midcentury modern community now has a great mix of vintage sensibility and modern amenities.”
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Chad Barber negotiated the transaction on behalf of the seller, MODE Apartments of Phoenix. The buyer, a private investor from Belleview, Washington, was represented by Sophia Baron of Real Living S.J. Fowler Real Estate in Mesa, Arizona.
MODE @ Pierson Apartments is located at 605 W Pierson Street, Phoenix, AZ 85013. The property is situated less than one-half block east of 7th Avenue, a major north-south thoroughfare running through Phoenix, Arizona. The property is surrounded by an abundance of commercial developments including Carl T. Hayden VA Medical Center one mile east, providing strong employment generation for the surrounding area. MODE @ Pierson is also convenient to public transportation, with bus service provided along Camelback Road and 7th Avenue. A Metro Light Rail station is conveniently located less than one mile east at the intersection of Central Avenue and Camelback Road.
MODE @ Pierson is part of Pierson Place Historic District, centrally located in a trendy neighborhood of Phoenix and is within walking distance to many neighborhood cafés, restaurants and shopping, including Southern Rail, Postinos Central, Windsor, Joyride Taco, Copper Star Coffee, Gallo Blanco Café and Bar, FEZ, Hula’ s Modern Tiki, Maizie’ s Cafe, Zinnias at Melrose-Consignment, Modern on Melrose, Melrose Center, Melrose Marketplace and Park Central Mall.
Built in 1958, MODE @ Pierson Apartments was fully remodeled and repositioned in 2015.
Interior property upgrades include in-suite laundry, stainless-steel appliance package equipped with an electric stove, dishwashers, refrigerators, microwaves, double stainless steel sinks with garbage disposal and retractable multi-setting faucet, upgraded countertops with glass tile backsplash, wide plank wood-style flooring or stained concrete floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets.
The revamped exterior features a manicured courtyard featuring a stainless steel barbecue grill, LED outdoor fireplace, steel pergola, custom seating areas, bocce ball court, pet friendly accommodations, bicycle parking, additional storage, keyed entry pedestrian gates and covered parking, plus an abundance of parking available along neighborhood streets including Pierson Street.
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.