VESTIS GROUP COMPLETES SALE OF 16-UNIT APARTMENTS IN CENTRAL PHOENIX
By Natan Jacobs | Vestis Group
(Phoenix – July 31, 2017) – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of two adjacent apartment complexes, totaling 16 multifamily units, located at 4401 North 21st Street and 4405 North 21st Street, in the Biltmore-area of Phoenix, for a combined sales price of $1,025,000 or $64,063 per unit.
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Chad Barber and Matt Morrell worked in conjunction with Jeff Seaman of CBRE, Inc., who negotiated the transaction on behalf of the buyer, MODE Apartments + Homes of Phoenix and the seller, The Savoca Family Trust of Phoenix, Arizona.
21st Street & Turney Apartments is a midcentury, single story, 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, Coup Des Tartes, Whole Foods, Trader Joe’s, Grassroots Kitchen & Tap, Pizzeria Bianco, Snooze, Sage Kitchen and The Parlor. Built in 1950, 1954 and 1971, 21st & Turney Apartments, is comprised of one-bedroom, two-bedroom and three-bedroom units. The buildings are constructed of block with pitched roofs. The property is located in Phoenix’s Biltmore Area, east of the SR-51 Piestewa Freeway, west of 24th Street, just north of Indian School Road, along 21st 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. 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 in their units, including the cost of heating and air conditioning.
“21st Street & Turney was a no-brainer acquisition for us as we already own and manage several other apartment communities in the neighborhood,” says Les Litwin, Principal at MODE Apartments + Homes, “The apartments will be fully renovated with high-end finishes and modern amenities, which will help further improve this up-and-coming Biltmore-area Phoenix neighborhood.”
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.