Vestis Group Acquires Alvarado Apartments In Midtown Phoenix
Vestis Group Acquires Alvarado Apartments In Midtown Phoenix
By Editor | Real Estate Daily News
Phoenix, AZ – Vestis Group is pleased to announce that brokers Natan Jacobs, Les Litwin and Chad Barber have completed the sale of Alvarado Apartments, a 10-unit multifamily community located in the trendy Alvarado East Historic District neighborhood in Midtown Phoenix for $425,000 ($42,500 per unit).
Rolf Erikson of Solana Beach, California was the seller of Alvarado Apartments, located at 376 East Alvarado Road, and 376 E. Alvarado, LLC of Phoenix, the buyer. Natan Jacobs, Les Litwin and Chad Barber with Vestis Group in Phoenix represented the buyer. Brian Tranetzki, Rich Butler and Chris Lake with Marcus & Millichap in Phoenix represented the seller.
Alvarado Apartments is a single story, multifamily community located in the East Alvarado Historic District in Midtown Phoenix, near the Valley Metro Light Rail, the Phoenix Art Museum, the Heard Museum, Arizona Opera, Phoenix Theatre, Lisa Sette Gallery, Margaret T. Hance Park, Park Central Mall, Phoenix Children’s Hospital, Arizona Heart Hospital, and boutiques and popular eateries such as The Pie Hole, Humble Pie, Wy Knot Cafe, The Main Ingredient Ale House & Cafe, Bikini Beans Expresso, MacAlpine’s Soda Fountain, Rice Paper, Urban Vine, America’s Taco Shop,Green, Nami, Gadzooks, Taco Guild, Sutra Midtown Yoga,Salvador Calvano Hair and some of our State’s top schools including Xavier College Preparatory and Brophy College Preparatory.
Built in 1958, Alvarado Apartments is comprised of six (6) one-bedroom / one-bathroom units of approximately 600-square-feet and four (4) two-bedroom / one-bathroom units of approximately 775-square-feet. The buildings are constructed of block with pitched asphalt shingle roofs. Amenities include laundry facilities, storage units, desert landscaping, and surface parking. The property is located in Midtown Phoenix, less than one mile north of Interstate 10 and approximately one and one half miles west of Arizona State Route 51 (Piestewa Freeway), along Alvarado Road, just west of 7th Street, allowing easy access to Downtown Phoenix, providing access to the State’s densest employment corridor. 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 and gas in their units, including the cost of heating and air conditioning.
The buyer, Vestis Group, is a privately owned real estate firm specializing in multifamily residential investment real estate. Vestis Group invests in distressed, older vintage, multi-family, commercial and single-family properties, which require minor to major rehab, in established or trendy, improving/transitional neighborhoods and increase the value through high-end renovation, target marketing and hands-on property management.
“This was a great purchase for us,” said Les Litwin, a principal with Vestis Group. “The property is well located in a trendy area of Midtown Phoenix, near downtown, the light rail, restaurants, museums and entertainment. Homes in the neighborhood range from $400,000 to over $1.3 million. We intend to put out a high-end rental product commensurate with the neighborhood.”
Litwin said they have purchased eight multifamily properties and an office building in the last twelve months and have several new acquisitions scheduled in the coming weeks. “We are hoping to acquire another ten to twelve apartment redevelopment projects over the next year,” Litwin said. – more at realestatedaily-news.com
