Idle Hours Apartments, aka MODE Uptown @ Rovey, is a boutique 28-unit, midcentury modern, single-story, multifamily, rental community located in the trendy North Central Corridor neighborhood in Uptown Phoenix, just west of 16th Street, near boutiques and popular eateries such as such as Babbo, MOTO, San Tan Brewing, REHAB Burger Therapy, Zipps Sports Grill, Linger Longer Lounge, Richardson’s, Rokerij, Dick’s Hideaway, The Vig Uptown, Swizzle Inn, 5 & Diner, TEXAZ Grill, George & Son’s, Luci’s Healthy Marketplace, The Whining Pig, Phoenix City Grille and Starbucks.
Idle Hours is a mid-century modern rental community located in Uptown Phoenix, near Piestewa Peak Phoenix Mountains Preserve, northwest of the intersection of 16th Street and Bethany Home Road, along Rovey Avenue, allowing easy access to Biltmore Fashion Park, the Camelback Corridor, the valley freeway system and numerous employers. The property is south of the Piestewa Peak, Phoenix Mountains Park and Recreation Area, and Dreamy Draw Recreation Area, which many people utilize for recreation, including running and hiking.
Built in 1956, Idle Hours was fully remodeled and repositioned in 2018. Interior property upgrades include in-suite laundry, stainless-steel kitchen appliances, stainless steel sink with garbage disposal and retractable multi-setting faucet, upgraded countertops, stained concrete floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features manicured lawns, pet friendly accommodations and covered parking.
BUY – Purchased for $2,025,000 on 6/24/2016.
FIX – Renovated the Arcadia neighborhood Phoenix community with high-end contemporary finishes inside and out. Increased average rents substantially. Held for long-term investment.
SELL – Sold for $5,854,650 on 4/24/2020.
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.