Vestis Group Brokers Sale Of Melrose Place Apartments In Phoenix AZ

Vestis Group Brokers Sale Of Melrose Place Apartments In Phoenix AZ

By Natan Jacobs | Vestis Group

(Phoenix – November 18, 2013) – Vestis Group is pleased to announce that Principals Natan Jacobs and Les Litwin have completed the sale of Melrose Place Apartments, a 13-unit multifamily community located in the sought after Arcadia neighborhood of Phoenix, Arizona for $750,000 / $57,692.31 per unit.

JMRS Melrose, LLC of San Diego, California sold the Melrose Place Apartments, located at 3110 N 40th Street, in the Arcadia neighborhood of Phoenix to a private investment group from Arizona for $750,000. Natan Jacobs and Les Litwin with Vestis Group in Phoenix represented the Buyer in the off-market sale of this Phoenix multifamily property. Brian Smuckler with CBRE in Phoenix represented the Seller.

Melrose Place Apartments is a 13 unit, garden-style multifamily community located in east central Phoenix. Built in 1965, Melrose Place has a pitched, composition roof and concrete-block construction, single-level buildings. The unit mix is comprised of 4 one-bedroom / one-bath units of approximately 800 square feet, 7 two-bedroom / two-bath units of approximately 1,000 square feet and 2 three-bedroom / two-bath units at 1,225 square feet. All the units have spacious kitchens and large closets. Common area amenities include a swimming pool, covered parking and laundry facility.

Melrose Place Apartments enjoys a superior east central Phoenix location near numerous Valley hotspots, including: The Vig Arcadia, La Grande Orange Grocery, Postino WineCafe, Beckett’s Table, Crudo, Nook, Chelsea’s Kitchen and North Italia. This property has great access to the valley freeway system, the Biltmore and downtown. The property is located in a quiet residential neighborhood one half mile south of the Indian School road along 40th Street allowing easy access to the Biltmore area, the Camelback Corridor, the valley freeway system and numerous employers.

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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.