Vestis Group Sells Arcadia Phoenix Apartments For $133,100 Per Unit
VESTIS GROUP SELLS ARCADIA PHOENIX APARTMENTS FOR $133,100 PER UNIT
Vestis Group completed the sale of Monterosa Apartments, an 8-unit multifamily property, located at 3728 East Monterosa Street, in the Arcadia-area of Phoenix for $1,064,800 or $133,100 per unit.
By Natan Jacobs | Vestis Group
(Phoenix – July 18, 2014) – Vestis Group is pleased to announce that Principals Natan Jacobs and Les Litwin have completed the sale of Monterosa Apartments, an 8-unit multifamily community located in the sought after Arcadia neighborhood, just east of the Biltmore in Phoenix, Arizona for $1,064,800 / $133,100 Per Unit.
3728 East Monterosa Apartments, LLC of Phoenix, Arizona sold Monterosa Apartments, located at 3728 East Monterosa Street, in the Arcadia neighborhood of Phoenix to DRALA, LLC of San Francisco, California for $1,064,800 / $157.75 Per Square Foot. Natan Jacobs and Les Litwin with Vestis Group in Phoenix represented the Seller in the sale of this Phoenix multifamily property. Erica Rodgers with Realty One Group represented the Buyer.
Monterosa Apartments is an 8-unit, garden-style multifamily community located in the sought after Arcadia neighborhood of Phoenix, near the Arizona Biltmore, Biltmore Fashion Park and Camelback Corridor. Built in 1964 and renovated in 2014, Monterosa Apartments is comprised of 2 two-bedroom / two-bathroom units of approximately 875 square feet, 4 two-bedroom / one-bathroom units of approximately 850 square feet and 2 two-bedroom / one-bathroom units of approximately 800 square feet. The buildings are constructed of block with flat roofs. Amenities include in-suite washer & dryer, grilling station, bocci ball court, pool, desert landscaping and covered parking. 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.
Monterosa Apartments enjoys a superior east central Phoenix location inside the Arcadia neighborhood within close proximity to the prestigious Biltmore area and Camelback Corridor, Phoenix’s premier upscale shopping, dining and financial district. The area is surrounded by numerous Phoenix hotspots, high-profile businesses, luxury resorts and some of the most exclusive homes in the Valley with median home values around $700,000, though many exceed $2 million. The property is situated west of 40th Street and south of Camelback Road, approximately 2.4 miles 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. Monterosa Apartments is located approximately 2.6 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.
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.
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