Built in 1962, MODE @ Melrose Apartments was fully remodeled and repositioned in 2015. Interior upgrades include in-suite laundry, stainless-steel kitchen appliances, stainless steel sink with garbage disposal and retractable multi-setting faucet, upgraded countertops with glass tile backsplash, wide plank wood-style flooring or stained concrete floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features a bocce ball court, grilling station, LED outdoor fireplace, steel pergola, custom seating, pet friendly accommodations, keyed entry pedestrian gates and covered parking.
The property is comprised of one (1) studio, ten (10) one-bedroom units and one (1) two-bedroom unit. The buildings are constructed of block with built up roofs. 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.
Disclosure: Owner/Agent. Listing Broker has an ownership position in the property.
MODE @ Melrose is situated in the trendy Woodlea Historic District, where homes were built between 1928 and 1955. The property address is 4127 N 9th Ave. Phoenix, AZ 85013. The property is situated one-half block west of 7th Avenue, a major-thoroughfare running through Phoenix, Arizona. The property is surrounded by an abundance of commercial developments, including Carl T. Hayden VA Medical Center one mile east, providing strong employment generation for the surrounding area. MODE is also convenient to public transportation, with bus service provided along Indian School Road and 7th Avenue. The Valley Metro light rail line is within walking distance from the subject property and operates along Central Avenue.
MODE @ Melrose is located adjacent to the Melrose District, a hip stretch along 7th Avenue lined with restaurants, shops, music stores and boutiques, including, Copper Star Coffee, Gallo Blanco Café and Bar, FEZ, Hula’ s Modern Tiki, Maizie’ s Cafe, Zinnias at Melrose-Consignment, Modern on Melrose, Melrose Center, Melrose Marketplace and Park Central Mall.
BUY – Purchased for $420,000 on 6/25/2014.
FIX – Renovated the Midtown Phoenix multifamily community with high-end contemporary finishes inside and out. Increased average rents from $429/month to $764/month. Completed lease up in 17 days.
SELL – Sold for $1,202,500 on 4/28/2016.
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.
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