VESTIS GROUP BROKERS OFF-MARKET PHOENIX MULTIFAMILY SALE NEAR CAMELBACK CORRIDOR
By Natan Jacobs | Vestis Group
(Phoenix – January 31, 2018) – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of MODE @ 20th Street, an 8-unit, single-story apartment community located at 4237 North 20th Street, in the Biltmore-area of East Phoenix for $1,096,280 or $137,035 per unit.
“This transaction went smoothly as we have worked with this buyer previously,” says Natan Jacobs, Principal at Vestis Group and the lead broker for this transaction, “On the last transaction, the buyer flipped his offer from financing, to all-cash, in order to beat out other investors in a multiple offer situation.”
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 Los Altos, California, was represented by Victoria Miachika of Arizona Investment & Management LLC, in Scottsdale, Arizona. MODE Apartment Living LLC will continue to professionally manage the apartment community for the new owner.
MODE @ 20th Street, aka 20th Street Apartments, is an 8-unit, modern, single-story, rental community located in the Biltmore-area of Phoenix, near Phoenix Children’s Hospital, Arizona Heart Hospital, and shops and popular eateries such as Bink’s Midtown, Mejico Cocina Mejicana, Coup Des Tartes, Whole Foods, Trader Joe’s, Grassroots Kitchen & Tap, Pizzeria Bianco, Snooze, Sage Kitchen and The Parlor.
20th Street Apartments is a modern rental community located in Phoenix’s Biltmore Area, east of the SR-51 Piestewa Freeway, west of 24th Street, just north of Indian School Road, along 20th Street, allowing easy access to The Shops at Town & Country, Biltmore Fashion Park, the Camelback Corridor, the valley freeway system and numerous employers. The property is a short distance from the Grand Canal, which many people utilize for recreation, including running and biking.
Built in 1952 and 1955, 20th Street Apartments was fully remodeled and repositioned in 2017. The apartment community is comprised of eight (8) residential rental units, including eight (8) one-bedroom/ one-bathroom apartment homes of approximately 654 square feet. 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 private patios and front yards, pet friendly accommodations and covered parking.
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.