VESTIS GROUP COMPLETES SALE OF WELLINGTON APARTMENTS IN PHOENIX
Vestis Group completed the sale of Wellington Apartments, a 21-unit multifamily community, located at 2922 North 35th Street, in the Arcadia-area of Phoenix for $1,065,000 or $50,714 per unit.
By Natan Jacobs | Vestis Group
(Phoenix – May 5, 2016) – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of Wellington Apartments, a 21-unit apartment complex located at 2922 North 35th Street, in the Arcadia-area of Phoenix. The multifamily asset commanded a sale price of $1,065,000 or $50,714 per unit.
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Chad Barber worked in conjunction with Jeff Seaman, Derek Smigiel and Brian Smuckler of CBRE, who negotiated the transaction on behalf of the buyer, MODE Apartments of Phoenix, and the seller, Jonathan Huang, a private investor from of San Jose, California.
“Wellington marks the 23rd apartment acquisition for MODE Apartments here in the Phoenix multifamily market,” says Les Litwin, Principal at Vestis Group, “The Arcadia-area is red hot with numerous new construction and redevelopment happening all over. This midcentury community will be fully renovated and upgraded with luxury interior finishes, contemporary styling and more modern amenities.”
Wellington Apartments enjoys a superior east central Phoenix location near Arcadia neighborhood boutiques and popular eateries such as The Vig Arcadia, La Grande Orange Grocery, Postino WineCafe, Beckett’s Table, Crudo, Nook, Chelsea’s Kitchen, North Italia, The Yacht Club, Buck & Rider, Steak 44 and The Henry. The property is situated in a quiet residential neighborhood just north Thomas road along 35th Street allowing easy access to the Biltmore and Camelback Corridor restaurants, shops and entertainment. Wellington Apartments is located approximately 1.9 miles 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 1968, 35th Street has pitched roofs and concrete-block construction, one and two-level buildings. The unit mix is comprised of nineteen (19) one-bedroom / one-bath units and two (2) two-bedroom / one-bath units at an average of 728 square feet. Common area amenities include onsite laundry facilities, covered and uncovered parking and mature landscaping. 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.
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.