Vestis Group Acquires Holiday Resort Apartments In Phoenix Arizona
By Natan Jacobs | Vestis Group
(Phoenix – January 16, 2014) – Vestis Group is pleased to announce that Principals Natan Jacobs and Les Litwin have completed the sale of Holiday Resort Apartments, a 10-unit multifamily community located in the sought after Camelback Corridor neighborhood, just south of the Biltmore in Phoenix, Arizona for $500,000 / $50,000 per unit.
Vestis Group | Vestis Capital LLC acquired the 7,986 SF Holiday Resort Apartments located at 4226 North 27th Street, just south of the Camelback Corridor in Phoenix for $500,000. The seller in the transaction was SWE, LLC of Phoenix, Arizona. Vestis Group owns five additional assets in the Metro Phoenix market and continues to seek investment opportunities for purchase. Established in 2008, Vestis Group is a privately owned real estate firm specializing in multifamily residential investment real estate. Vestis Group invests in distressed, older vintage, multi-family, commercial and single-family properties, which require minor to major rehab, in established or trendy, improving/transitional neighborhoods and increase the value through high-end renovation, target marketing and hands-on property management. Natan Jacobs and Les Litwin with Vestis Group in Phoenix represented the Buyer in the Phoenix multifamily sale. Brian Tranetzki and Rich Butler with Marcus & Millichap in Phoenix represented the Seller.
Holiday Resort Apartments, is a 10 unit, garden-style multifamily community located in east central Phoenix. Built in 1971, 27th Street Apartments has a pitched, composition roof and concrete-block construction, single-level buildings and is individually-metered for utilities. The unit mix is comprised of one (1) studio apartment, eight (8) two-bedroom / one-bath units and one (1) three-bedroom / two-bath unit. All the units have spacious kitchens, large closets and private enclosed patios. Common area amenities include a swimming pool and cabana, shuffleboard, ample parking and laundry facility.
Holiday Resort Apartments enjoys a superior east central Phoenix location within close proximity to the prestigious Biltmore area and Camelback Corridor, Phoenix’s premier upscale shopping, dining and financial district. The area is surrounded by high-profile businesses, luxury resorts and some of the most exclusive homes in the Valley with median home values around $700,000, though many exceed $2 million. The property is situated just south of Camelback Road, less than a mile and a half from the Biltmore Fashion Park, a 535,430-square foot open air regional shopping mall, with notable tenants including: Macy’s, Saks Fifth Avenue, Chanel, Gucci, Prada, Louis Viutton, Fendi, Apple, Crate & Barrel, and Williams Sonoma. Notable area employers include Northwestern Mutual, Merrill Lynch, North Trust Bank, UBS, Alliance Residential Company, Cole Real Estate Investments, Fennemore Craig, Greenburg Traurig, DLA Piper and Cisco Systems, Inc. Holiday Resort Apartments is located approximately 1.7 miles from the State Route 51 (Piestewa Freeway) which connects to Interstate 10 (Maricopa Freeway), Loop 202 (Red Mountain Freeway), providing easy access to Downtown Phoenix, Sky Harbor International Airport, Tempe, Scottsdale, the southeast and southwest Valleys.
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.