VESTIS GROUP COMPLETES SALE OF DISTRESSED APARTMENTS IN DOWNTOWN TEMPE
Vestis Group completed the distressed sale of Monterey Village Apartments, an 8-unit multifamily apartment community, located at 813 and 819 West 3rd Street, in Downtown Tempe for $450,000 or $56,250 per unit.
By Natan Jacobs | Vestis Group
(Phoenix – June 23, 2015) – Vestis Group is pleased to announce that Brokers Natan Jacobs, Les Litwin and Chad Barber have completed the sale of Monterey Village Apartments, an 8-unit multifamily community located just west of the Farmer Arts District at 813 and 819 West 3rd Street, in Downtown Tempe, Arizona for $450,000 / $56,250 Per Unit.
“The challenge with this transaction was the seller was selling each fourplex for less than the loan amount, so we had to obtain short sale approvals from two different lenders and on top of that, the Seller did not keep updated financial records of the property history,” says Natan Jacobs, Principal at Vestis Group and the lead broker for this transaction, “It all worked out and the buyer is looking forward to remodel and modernize this midcentury modern apartment project in the heart of Tempe near Arizona State University.”
Monterey Village Apartments is an 8-unit, garden-style, single-story, apartment community located in a strong rental area of north Tempe, just west of Mill Avenue in Downtown Tempe, near Arizona State University, the Farmer Arts District, Tempe Town Lake, Orbit Shuttle and the Valley Metro Light Rail. The property is located in a quiet residential neighborhood, within close proximity to the Loop 202 Freeway, allowing easy access to Sky Harbor International Airport, Downtown Phoenix, Scottsdale, the valley freeway system and numerous employers. The property was built in 1963 and is individually metered for electricity. Each building is 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.
The buyer, a private investor from Paradise Valley, Arizona, is planning to rehabilitate the apartment homes and hold the rental properties long-term.
The seller was Raymond & Anthonette Kramer of Tempe, Arizona.
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Chad Barber represented the buyer in the transaction. The seller was represented by Randy Becker of Realty One Group.
Vestis Group is the broker of choice for individuals and institutions investing in multifamily residential real estate throughout Metropolitan Phoenix. Our advisors assist clients in the acquisition and disposition of multifamily investment assets, including, apartments, bulk condo packages, duplex/triplex/fourplex properties, single-family rental portfolios (SFR Portfolios) and income producing single-family investment properties. 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.