VESTIS GROUP BROKERS OFF-MARKET MULTIFAMILY SALE IN PHOENIX FOR $1.9M
By Natan Jacobs | Vestis Group
(Phoenix – May 2, 2017) – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of MODE @ 27th Street South Apartments, a 12-unit apartment community located at 4207 North 27th Street, in the Biltmore-area of East Phoenix for $1,900,000 or $158,333 per unit.
“The Buyer approached us through their broker after the sales of MODE @ 38th Street for $2.5 million and Trinity 38 Apartments for $2.6 million and asked if we would consider selling any other MODE properties off-market as they were looking for an upleg property to complete a 1031 exchange,” says Natan Jacobs, Principal at Vestis Group and the lead broker for this transaction, “They ultimately offered on MODE @ 27th Street South because they liked the courtyard feel of the property and its proximity to the Camelback Corridor, Biltmore and Arcadia neighborhood restaurants and entertainment.”
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 Santa Rosa, California, was represented by Victoria Miachika of Arizona Investment & Management, LLC in Scottsdale, Arizona.
MODE @ 27th Street South is a midcentury modern, single story, courtyard-style multifamily community, located in the Biltmore-area of Phoenix, near Phoenix Children’s Hospital, Arizona Heart Hospital, and shops and popular eateries such as Binkley’s, Mejico Cocina Mejicana, Coup Des Tartes, Whole Foods, Trader Joe’s, Grassroots Kitchen & Tap, Pizzeria Bianco, Snooze, Sage Kitchen and The Parlor. The property is located in Phoenix’s Biltmore Area, east of the SR-51 Piestewa Freeway, west of 28th Street, just north of Indian School Road, along 27th Street, allowing easy access to The Shops at Town & Country, Biltmore Fashion Park, the Camelback Corridor, the Valley freeway system and numerous employers. Nearby freeway access to 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 1959, MODE @ 27th Street South was fully remodeled and repositioned in 2016. Interior property upgrades include in-suite laundry, stainless-steel appliance package, stainless steel sinks with garbage disposal and retractable multi-setting faucet, granite countertops with porcelain tile backsplash, stained concrete floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features a manicured courtyard, pet friendly accommodations, keyed entry pedestrian gates and covered parking. All units have private patios.
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.