VESTIS GROUP COMPLETES SALE OF TRINITY 38 APARTMENTS IN PHOENIX FOR $2.6M
By Natan Jacobs | Vestis Group
(Phoenix – November 4, 2016) – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of Trinity 38 Apartments, a 16-unit apartment complex located at 3234 North 38th Street, in the Arcadia-area of East Phoenix for $2,600,000 or $162,500 per unit.
“Trinity 38 is located near hip Arcadia neighborhood restaurants, coffee shops, bars, health clubs and is a short drive to the Biltmore and Camelback Corridor,” says Natan Jacobs, Principal at Vestis Group and the lead broker for this transaction, “This neighborhood continues to be red-hot for investment with development projects almost everywhere you look, completed or under construction, including several new-home subdivisions and several recent apartment repositions. Trinity, as a turnkey multifamily community, will continue to add value for the new ownership moving forward.”
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin, Chad Barber and Matt Morrell negotiated the transaction on behalf of the seller, a private investor from Scottsdale, Arizona. The buyer, a private investor from Santa Rosa, California, was represented by Victoria Miachika of Arizona Investment & Management, LLC in Scottsdale, Arizona.
Trinity 38 Apartments is centrally located in the Arcadia-area of Phoenix 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. The property is located in a quiet residential neighborhood one half mile south of Indian School Road, along 38th Street, allowing easy access to Biltmore shopping, Arcadia restaurants, and the Camelback Corridor, Phoenix’ s premier upscale shopping, dining and financial district. Nearby freeway access to 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 1962, Trinity 38 Apartments was fully remodeled and repositioned in 2015. Interior property upgrades include in-suite laundry, stainless-steel appliance package, double stainless steel sinks with garbage disposal and retractable multi-setting faucet, upgraded countertops with porcelain tile backsplash, stained concrete floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features a manicured courtyard featuring a stainless steel barbecue grill, steel pergola, swimming pool, pet friendly accommodations, keyed entry pedestrian gates and covered parking.
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.