3427 N 12th Place, Phoenix, AZ 85014

Vestis Group Brokers 8-Unit Apartment Complex Sale In Midtown Phoenix


Vestis Group completed the sale of N 12th Place Plaza Apartments, an 8-unit multifamily property, located at 3427 North 12th Place, in Midtown Phoenix for $320,000 or $40,000 per unit.

By Natan Jacobs | Vestis Group

(Phoenix – May 5, 2015) – Vestis Group is pleased to announce that Brokers Natan Jacobs, Les Litwin and Chad Barber have completed the sale of N 12th Place Plaza Apartments, an 8-unit multifamily community located at 3427 North 12th Place, in Midtown Phoenix, Arizona for $320,000 or $40,000 per unit.

N 12th Place Plaza is an 8-unit garden-style apartment community located near the Phoenix Country Club in midtown Phoenix. Built in 1964, N 12th Place Plaza is a single-story multifamily community located in central Phoenix near shopping, culture, restaurants and transportation, featuring seven (7) one-bedroom and one-bathroom apartment homes and one (1) two-bedroom and one-bathroom apartment home, with an average living space of approximately 592 square feet. Each of the 8 apartment homes opens up into a central courtyard. The property includes rear surface parking and laundry facilities.

N 12th Place Plaza enjoys a midtown Phoenix location across from the Phoenix Country Club, within close proximity to cultural venues, restaurants, art galleries and city parks. The property is situated north of Osborn Road and south of Indian School Road, east of 12th Street and west of 16th Street,  along 12th Place, approximately 1.2 miles from State Route 51 (Piestewa Freeway), which connects to the Interstate 10 (Papago Freeway) and Loop 202 (Red Mountain Freeway), providing easy access to Downtown Phoenix, Sky Harbor International Airport, Tempe, Scottsdale, the southeast and southwest Valleys.

The buyer, a private investor from Phoenix, Arizona, plans to hold the rental property long-term.

The seller was the Grosberg Family Trust of Phoenix, Arizona.

The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Chad Barber represented the buyer in the off-market 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.