40th Street
PROPERTY INFO
40th Street Apartments, aka The Melrose Condominiums, is a 13 unit, garden-style multifamily community located in east central Phoenix. Built in 1965, 40th Street Apartments has a pitched, composition roof and concrete-block construction, single-level buildings. The unit mix is comprised of 4 one-bedroom / one-bath units, 7 two-bedroom / two-bath units and 2 three-bedroom / two-bath units. All the units have in-suite washer/dryer, spacious kitchens, large closets and private patios. Common area amenities include an outdoor fireplace, swimming pool, gazebo, grilling station and covered parking.
40th Street Apartments enjoys a superior east central Phoenix location 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. This property has great access to the valley freeway system, the Biltmore and downtown. The property is located in a quiet residential neighborhood one half mile south of the Indian School road along 40th Street allowing easy access to the Biltmore area, the Camelback Corridor, the valley freeway system and numerous employers.
PLAN
BUY – Purchased for $750,000 on 11/18/2013.
FIX – Renovated the Arcadia-area Phoenix multifamily community with high-end contemporary finishes inside and out. Increased average rents from $750/month to $1250/month. Received several unsolicited offers for sale.
SELL – Sold off-market for $1,900,000 on 10/30/2015.
WEBSITE
ArizonaApartmentManagement.com
PHOTOS
AFTER
BEFORE
VESTIS GROUP | PHOENIX ARIZONA MULTIFAMILY INVESTMENT REAL ESTATE
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.
