Vestis Group Brokers Sale of Sage Court Apartments in Midtown Phoenix

Vestis Group Brokers Sale Of Sage Court Apartments In Phoenix

Vestis Group Brokers Sale Of Sage Court Apartments In Phoenix

By Natan Jacobs | Vestis Group

(Phoenix – May 7, 2013) – Vestis Group is pleased to announce the completed sale of Sage Court Apartments, a 29-unit multifamily property, located at 730 E. Turney Avenue in Phoenix, Arizona, for $760,000 / $26,207 per unit.

Landsmith Appreciation Fund LLC of San Francisco, California sold the Sage Court Apartments in Phoenix to Southwest Sonoran Enterprises LLC of Phoenix, Arizona for $760,000. Natan Jacobs and Les Litwin of Vestis Group negotiating the sale of this Phoenix apartment complex. The new owner plans to upgrade the unit interiors and refresh the buildings’ exterior and amenities.

Sage Court is a one story community built in 1944 comprised of 29 units: 24 one bedroom / one bathroom units, four two bedroom / one bathroom units, and one three bedroom / two bathroom unit. The building is constructed of block with pitched shingle roofs. Amenities include a coin operated washer and dryer facility. The property is individually metered for electricity and master metered for water. The property owner is responsible for the cost of water, sewer, and trash pickup, and the residents are responsible for the cost of electricity in their units, including the cost of heating and air conditioning. 17 covered parking spaces and 18 uncovered parking spaces are provided on site, plus additional street parking is available. The Sage Court Apartments is constructed on four rectangular sites of approximately 2.20 acres, providing a density of 13.2 units per acre.

The Sage Court Apartments is located at 730 – 820 East Turney Avenue in Phoenix, Arizona. It is situated on the north side of Turney Avenue, a residential street, between Indian School and Camelback Roads, major thoroughfares running through Phoenix. The property is less than two miles west of the SR-51 and less than three miles from the I-10, both major arterial highways that connect to the Loop 101 and I-17 freeways. These highways give residents of Sage Court easy access to downtown Phoenix and all other parts of the metropolitan area. Sage Court is also blocks away from the Metro Light Rail station that runs along Central Avenue. The area immediately surrounding Sage Court contains a variety of schools, multifamily and single-family residential properties, retail, and hospitals including: VA Hospital and Phoenix Children’ s Hospital. Several neighborhood shopping centers, parks, churches, and public facilities are located within a mile of the property; including Steele Indian School Park. Arizona State University Downtown Campus, Rio Salado Community College, and Phoenix Community College are all located within easy driving distance of Sage Court.


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.