BOUTIQUE, HIPSTER-FOCUSED APARTMENTS SELL IN PHOENIX
By Mike Sunnucks | Phoenix Business Journal
(Phoenix – May 2, 2016) – A boutique historic district apartment complex has sold for $1.2 million.
The Mode @ Melrose Apartments is located near Seventh Avenue and Indian School Road in Phoenix’s Woodlea Historic District. It is located near the Melrose neighborhood’s increasingly hipster-focused shops and restaurants along Seventh Avenue.
The modern, mid-century complex only has a dozen units. That translates into a $100,208 per unit sale.
Mode Apartments of Phoenix was the seller. The buyer was Scottsdale-based Culp Properties LLC.
Vestis Group’s Natan Jacobs, Les Litwin and Chad Barber and Sabrina Walters of SLW Realty Group LLC brokered the multifamily sale.
The development was renovated in 2015 and now includes wood plank or stained concrete flooring, – more at bizjournals.com
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.