VESTIS GROUP BROKERS SALE OF MODE @ 38TH STREET IN PHOENIX FOR $2.5M
By Natan Jacobs | Vestis Group
(Phoenix – February 28, 2017) – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of MODE @ 38th Street Apartments, a 15-unit apartment complex located at 3122 North 38th Street, in the Arcadia-area of East Phoenix for $2,500,000 or $166,667 per unit.
“MODE Arcadia @ 38th Street is located near several Arcadia neighborhood restaurants, coffee shops, bars, health clubs and is a short drive to the Biltmore and Camelback Corridor,” says Natan Jacobs, Principal at Vestis Group and the lead broker for this transaction, “Once the remodel was complete, the lease-up was done in a matter of weeks. This project, as a turnkey multifamily community, will continue to add value for the new ownership moving forward.”
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin, 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 @ 38th Street Apartments is centrally located in the Arcadia-area of Phoenix near numerous Valley hotspots, including: The Vig Arcadia, La Grande Orange Grocery, Postino WineCafe, Beckett’ s Table, Crudo, Nook, Chelsea’ s Kitchen and North Italia. The property is located in a quiet residential neighborhood one half mile south of Indian School Road, along 38th Street, allowing easy access to Biltmore shopping, Arcadia restaurants, and the Camelback Corridor, Phoenix’ s premier upscale shopping, dining and financial district. 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 1978, MODE @ 38th Street Apartments 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 featuring a stainless steel barbecue grill, steel pergola, pet friendly accommodations, custom controlled access gates, 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.