Vestis Group Brokers Sale Of Estates At Midtown Apartments In Phoenix

Vestis Group Brokers Sale Of Estates At Midtown Apartments In Phoenix

By Natan Jacobs | Vestis Group

(Phoenix – December 23, 2013) – Vestis Group is pleased to announce that brokers Victoria Miachika, Natan Jacobs and Les Litwin have completed the sale of Estates at Midtown Apartments, a 14-unit multifamily community located near the Valley Metro Light Rail in midtown Phoenix, Arizona for $1,150,000 / $82,143 per unit.

Medlock Manor Apartments, LLC of Mesa, Arizona sold the Estates at Midtown Apartments, located at 312 W Medlock Drive, in midtown Phoenix to Property Investors Hub, LLLP from Vancouver, BC for $1,150,000. Victoria Miachika, Natan Jacobs and Les Litwin with Vestis Group in Phoenix represented the Buyer in the sale of this Phoenix multifamily property. Ryan Hartman with Leagan Properties in Scottsdale represented the Seller. The multifamily property consists of two and three bedroom apartments, all had been recently updated with stained concrete and wood-style flooring, colorful tile backsplashes, matching countertops, gourmet kitchens, retro lighting and more. 13 of the units were rented at the time of sale.

Estates at Midtown Apartments is a 14 unit, garden-style multifamily community located in central Phoenix. Built in 1965, Estates at Midtown has a pitched, composition roof and concrete-block construction, two-level buildings. The unit mix is comprised of two-bedroom / one-bath units of approximately 940 square feet, two-bedroom / two-bath units of approximately 1,050 square feet and three-bedroom / two-bath units at 1,260 square feet. All the units have spacious kitchens and large closets. Common area amenities include a swimming pool, covered parking and laundry facility.

Estates at Midtown is located in Midtown Phoenix, just minutes from the “Golden Corner” of 24th Street & Camelback, Camelback Corridor, Downtown Phoenix, Sky Harbor International Airport and numerous Valley hotspots, including: Postino WineCafe, Maizie’s Cafe, Hula’s Modern Tiki, Gallo Blanco, Fez, St. Francis, Windsor and Oregano’s. Nearby shopping includes, AJ’s Fine Foods, Safeway, Bashas’, Park Central Mall, Phoenix Metro Retro, Modern Manor and Smeeks. The property is located in Midtown Phoenix along Medlock Drive, 0.2 miles north of Camelback Road and 0.3 miles west of Central Avenue, allowing easy access to the Valley Metro Light Rail, Biltmore Fashion Park, the Camelback Corridor, the valley freeway system and numerous employers.

About Vestis Group

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.

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