3rd Street Apartments, aka Tempe 12 Apartments, is a 12-unit, single-story, 4-plex apartment community located in a strong rental area of north Tempe, just west of Mill Avenue, Arizona State University and the Farmer Arts District in Downtown Tempe. Built in 1973, 5th Street is comprised of 12 (12) one-bedroom / one-bath units of approximately 520 square feet. The buildings are constructed of block with pitched roofs. Amenities include in-suite laundry, private patios, mature landscaping and covered parking. 3rd Street Apartments is located in Downtown Tempe, along 3rd Street and McKemy Street, west of Roosevelt Street and East of Hardy Drive, in close proximity to Arizona State University, Mill Avenue, Farmer Arts District, Tempe Town Lake, Orbit Shuttle and the Valley Metro Light Rail. The property is located in a quiet residential neighborhood just west of Downtown Tempe, within close proximity to the Loop 202 Freeway, allowing easy access to Sky Harbor International Airport, Downtown Phoenix, Scottsdale, the valley freeway system and numerous employers. 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.
BUY – Purchased 8-units for $450,000 on 6/23/2015. Purchased 4-units for $200,000 on 12/3/15.
FIX – Renovated the 3 midcentury modern four-plexes in Tempe near ASU with high-end contemporary finishes inside and out. Increased average rents from $375/month to $875/month.
SELL – Sold for $1,546,000 on 3/30/2017.
VESTIS GROUP | PHOENIX ARIZONA MULTIFAMILY REAL ESTATE INVESTMENTS
Vestis Group | Vestis Capital LLC is a real estate firm focused on Multi Family Residential Investment. We invest our clients’ capital together with our own to take advantage of opportunities with attractive risk-return attributes and an expectation of above-market returns. These goals are achieved through stringent underwriting practices and proactive property and asset management.
Through our extensive knowledge of the Phoenix multi-family residential real estate market, we can identify early trends, which provide insight into our pursuit of investment opportunities. Vestis Group’s principals have a thorough knowledge of the housing industry.
We have developed, built, rehabilitated, constructed, improved, managed and sold thousands of apartments, condos, homes, and home sites. Vestis Group principals and affiliates also have extensive experience constructing, improving, renovating, owning and operating residential and commercial properties. Our expertise in management, finance and construction is the backbone supporting every investment opportunity we identify.
For more information, please contact Vestis Group at 602-281-6202 or Email Us.