1247 E Colter St, Phoenix, AZ 85014 | $550,000 | COE 12-21-17

Vestis Group Completes Sale Of Central Phoenix Multifamily Land


By Natan Jacobs | Vestis Group

(Phoenix – December 21, 2017) – Vestis Group, a multifamily brokerage, investment and development firm, is pleased to announce the completed sale of 0.74 acres of R-3 zoned Phoenix multifamily land, located near the Camelback Corridor, Downtown-Midtown-Uptown urban core, North Central and Arcadia neighborhoods, in the Biltmore-area of central Phoenix, Arizona for $550,000 / $17.18 per square foot.

The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Chad Barber and Matt Morrell worked in conjunction with Rebecca Moffitt of Realty Executives, who negotiated the transaction on behalf of the buyer, MODE Apartments + Homes of Phoenix and the seller, Jeffrey and Christine Shipley of Phoenix, Arizona.

1247 Biltmore, aka MODE @ Colter, totals 0.74 acres and is located northeast of 12th Street and Camelback Road at 1247 East Colter Street. The site is 0.6 miles west of the 51 Freeway and approximately 7.3 miles northwest of Phoenix Sky Harbor Airport. 1247 Biltmore is slated for contemporary designed urban residences with state-of-the art construction features and modern amenities. Nine single-family homes are envisioned for the project. 1247 Biltmore will offer floorplans similar to 4222 Biltmore and 3898 Biltmore.

“This is MODE’s third land acquisition in Central Phoenix which we are very excited about,” says Chad Barber, Investment Advisor at Vestis Group and the lead broker for this transaction, “This acquisition is extra special for myself, as I grew up in this neighborhood and went to middle school right down the street. I can’t wait to see the final product and the overall improvement of the neighborhood.”

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.