VESTIS GROUP BROKERS EAST PHOENIX MULTIFAMILY SALE FOR $250,000 PER UNIT
By Natan Jacobs | Vestis Group
(Phoenix – October 23, 2017) – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of Earll 40, aka MODE @ 40th Street & Earll, a 2-unit, casita-style apartment community located at 3948 East Earll Drive, in the Arcadia-area of East Phoenix for $500,000 or $250,000 per unit.
“We received multiple offers on this trophy multifamily asset, which shows investors will pay for quality workmanship. Several buyers and brokers commented on the attention to detail MODE puts into their properties,” says Chad Barber, Investment Advisor at Vestis Group and the lead broker for this transaction, “One of the backup buyers who lost out on this deal, actually purchased another MODE project, Earl 39, off-market, just a few weeks ago.”
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 Phoenix, Arizona, did not utilize third party representation.
Built in 1940 and 1963, Earll 40 was fully remodeled and repositioned in 2016 and 2017. Interior property upgrades include in-suite laundry, polished concrete flooring, sandblasted block walls, vaulted ceilings with exposed rafters, new contemporary cabinetry, custom tile backsplashes, stainless steel appliances, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features private patios, contemporary metal monument sign, custom steel access gates with keyed entry, combination of grass and xeriscape landscaping and covered parking.
The property is comprised of one (1) two-bedroom / two-bath casita of approximately 1000 square feet and one (1) two-bedroom / two-bath casita of approximately 1,100 square feet. The buildings are constructed of block with pitched asphalt shingle roofs. The property is individually metered for electricity and master metered for water. The property owner is responsible for the cost of water, sewer, and trash pickup, and the residents are responsible for the cost of electricity and gas in their units, including the cost of heating and air conditioning.
Earll 40 Apartments is a casita-style, one-story, multifamily community located in the trendy Arcadia neighborhood in East Phoenix, near numerous Valley hotspots, including: The Vig Arcadia, La Grande Orange Grocery, Postino WineCafe, Beckett’s Table, Crudo, Nook, Chelsea’s Kitchen, North Italia, Buck & Rider, Steak 44 and The Henry. This property has great access to the valley freeway system, the Biltmore and downtown. The property is located in a quiet residential neighborhood one half mile south of the Indian School road along 40th Street and Earll Drive allowing easy access to the Biltmore area, the Camelback Corridor, the valley freeway system and numerous employers.
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.