VESTIS GROUP BROKERS OFF-MARKET SALE OF MIDTOWN PHOENIX APARTMENTS
By Natan Jacobs | Vestis Group
(Phoenix – November 30, 2018) – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of Turney at Midtown Apartments, an 8-unit apartment community, located at 243 West Turney Avenue in Midtown Phoenix, for $1,325,000 or $165,625 per unit. The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Chad Barber and Matt Morrell negotiated the transaction on behalf of the seller, MODE Apartments+Homes from Phoenix, Arizona. The buyer, a private investor from Phoenix, Arizona, did not utilize third party representation.
Turney at Midtown, aka MODE @ Turney, is a boutique, 8-unit, one and two-story, apartment community located in Midtown 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 Lux Coffee, Clever Koi, Pane Bianco, Ocotillo, Postino Wine Cafe, Federal Pizza, Joyride Taco House, Windsor, Churn, Lou Malnati’s, Flower Child, AJ’s Fine Foods, and some of our State’s top schools including Xavier College Preparatory and Brophy College Preparatory.
Turney at Midtown is a mid-century modern rental community located in Midtown Phoenix, approximately two miles west of Arizona State Route 51 (Piestewa Freeway) and approximately three miles north of Interstate 10, south of Camelback Road, north of Indian School Road, and just west of Central Avenue, allowing easy access to Downtown Phoenix, the Central Office Corridor, Camelback Corridor and Phoenix Sky Harbor International Airport and numerous employers. The property is south of the Grand Canal, which many people utilize for recreation, including running and biking.
The Central Avenue Corridor is less than half a mile from the subject property and serves as the main connection between Uptown/Midtown and Downtown Phoenix and is one of Phoenix’ s most vital and heavily trafficked stretches of roadway with nearly 60,000 cars daily. It is the region’ s largest employment corridor with over 18 million square feet of office space accommodating more than 120,000 employees and is home to prominent employers including The City of Phoenix, Wells Fargo, JPMorgan Chase, Freeport McMoRan, Bank of America, and United Healthcare.
Built in 1947, 1948 and 1971, Turney at Midtown was fully remodeled and repositioned in 2018. Interior property upgrades include in-suite laundry, stainless-steel kitchen appliances, stainless steel sink with garbage disposal and retractable multi-setting faucet, granite countertops, stained concrete or wood laminate floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features private patios on select units, pet friendly accommodations, mature landscaping and covered parking. Midtown At Highland is professionally managed by Mode Apartment Living, LLC.
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.