Vestis Group Completes Single Family Rental Sale In Midtown Phoenix
VESTIS GROUP COMPLETES SINGLE FAMILY RENTAL SALE IN MIDTOWN PHOENIX
Vestis Group completed the sale of Weldon House, a single-family rental located at 369 East Weldon Avenue, in Midtown Phoenix for $120,000 or $130 per square foot.
By Natan Jacobs | Vestis Group
(Phoenix – June 11, 2015) – Vestis Group is pleased to announce that Brokers Natan Jacobs, Les Litwin and Chad Barber have completed the sale of Weldon House, a single-family rental located at 369 East Weldon Avenue, in Midtown Phoenix, Arizona for $120,000 or $130 per square foot.
“The buyer is excited to get going on this project,” says Chad Barber, Investment Advisor at Vestis Group and the lead broker for this transaction, “They are planning a major remodel and addition to the former single family rental. The Weldon House will get a new construction 800 square feet addition, with new gourmet kitchen and a new master bedroom suite. The finished residence will include approximately 1,702 square feet with 3 total bedrooms and 2 baths. All work will be fully permitted and done by a licensed contractor.”
Weldon House is a single story, single-family home located, between the 7′s, in Central Phoenix, near the Valley Metro Light Rail, the Phoenix Art Museum, the Heard Museum, Arizona Opera, Phoenix Theatre, Lisa Sette Gallery, Margaret T. Hance Park, Park Central Mall, Phoenix Children’s Hospital, Arizona Heart Hospital, and boutiques and popular eateries such as The Pie Hole, Humble Pie, Wy Knot Cafe, The Main Ingredient Ale House & Cafe, Bikini Beans Expresso, MacAlpine’s Soda Fountain, Rice Paper, Urban Vine, America’s Taco Shop, Green, Nami, Gadzooks, Taco Guild, Sutra Midtown Yoga, Salvador Calvano Hair and some of our State’s top schools including Xavier College Preparatory and Brophy College Preparatory.
The buyer, MODE Homes, is a privately owned real estate firm specializing in reinventing unique, historic and midcentury modern homes with contemporary design and modern amenities. The buyer plans to spend over $130,000 ($76 per square foot) to rehabilitate and improve the project.
The seller was a private investor from Ashland, Oregon.
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Chad Barber represented the buyer in the transaction. The seller did not utilize third party representation.
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.
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