VESTIS GROUP COMPLETES SALE OF EAST MORNINGSIDE APARTMENTS IN PHOENIX
Vestis Group completed the sale of East Morningside Apartments, a 10-unit multifamily community, located at 4116-4120 North 21st Street, in the Biltmore-area of Phoenix for $560,000 or $56,000 per unit.
By Natan Jacobs | Vestis Group
(Phoenix – July 31, 2015) – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of East Morningside Apartments, a 10-unit apartment complex located at 4116-4120 North 21st Street in the Biltmore-area of Phoenix, Arizona. The multifamily asset commanded a sale price of $560,000 or $56,000 per unit.
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Chad Barber represented the buyer, MODE Apartments of Phoenix in the sale. The seller, a private investor from Vancouver, British Columbia, was represented by Linda Gerchick and Tracy Ward of UpTown Realty.
East Morningside Apartments enjoys a superior east central Phoenix location within close proximity to the prestigious Biltmore-area and Camelback Corridor, Phoenix’s premier upscale shopping, dining and financial district. The property is situated just south of Camelback Road, less than a mile and a half from the Biltmore Fashion Park, a 535,430-square foot open air regional shopping mall, with notable tenants including: Macy’s, Saks Fifth Avenue, Chanel, Gucci, Prada, Louis Viutton, Fendi, Apple, Crate & Barrel, and Williams Sonoma. Notable area employers include Northwestern Mutual, Merrill Lynch, North Trust Bank, UBS, Alliance Residential Company, Cole Real Estate Investments, Fennemore Craig, Greenburg Traurig, DLA Piper and Cisco Systems, Inc. East Morningside Apartments is located approximately a half mile from the State Route 51 (Piestewa Freeway) which connects to Interstate 10 (Maricopa Freeway), Loop 202 (Red Mountain Freeway), providing easy access to Downtown Phoenix, Sky Harbor International Airport, Tempe, Scottsdale, the southeast and southwest Valleys. Built in 1964, East Morningside Apartments is comprised of ten (10) residential rental units, including one (1) three-bedroom / two-bathroom single family residence, one (1) one-bedroom/ one-bathroom studio unit, four (4) one-bedroom / one-bathroom apartment homes and four (4) two-bedroom / one-bathroom apartment homes. The buildings are constructed of block with pitched roofs. Amenities include private patios, a laundry facility, surface parking and mature landscaping.
“East Morningside was purchased as an upleg to a 1031 exchange, along with two other Phoenix apartment complexes, following the recent sale of MODE @ 18th Street,” says Les Litwin, Principal at Vestis Group, “The apartment community and adjacent single-family residence will be renovated inside and out with high-end finishes, contemporary styling and modern amenities.”
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.