Vestis Group Completes Sale Of Arcadia-Area Apartments In Phoenix | CEM
By Emily Gaudet | Commercial Executive Magazine
Vestis Group completed the sale of Arcadia Flats Apartments, a 7-unit, single-story apartment community located at 3629 North 37th Street, in the Arcadia-area of East Phoenix for $920,000 or $131,429 per unit.
Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of Arcadia Flats Apartments, a 7-unit, single-story apartment community located at 3629 North 37th Street, in the Arcadia-area of East Phoenix for $920,000 or $131,429 per unit.
“We received multiple offers on this recently renovated multifamily asset,” says Natan Jacobs, Principal at Vestis Group and the lead broker for this transaction, “To sweeten the deal, this buyer flipped his offer, from financing, to all-cash and we got the deal done.”
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Chad Barber and Matt Morrell negotiated the transaction on behalf of the seller, a private investor from Phoenix, Arizona. The buyer, a private investor from Los Altos, California, was represented by Victoria Miachika of Arizona Investment & Management LLC, in Scottsdale, Arizona.
Arcadia Flats @ 37th Street offers style and convenience while raising the bar for urban apartment living in central Phoenix. Developed in 1955 and 1962, the subject property was fully renovated in 2017, using high-end finishes and updating with modern contemporary design. The unit mix is comprised of seven (7) 1-bedroom / 1-bathroom units of approximately 527 square feet.
Interior property upgrades include in-suite laundry, stainless-steel appliance package, stainless steel sinks with garbage disposal and retractable multi-setting faucet, quartz countertops with porcelain tile backsplash, wood-look ceramic tile floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets.
The revamped exterior features a manicured courtyard with pet friendly accommodations. All units have private rear patios and covered parking. The subject property also has great access to the Valley freeway system, the Biltmore, Camelback Corridor and Downtown Phoenix.
Arcadia Flats @ 37th Street is located in the Arcadia neighborhood, near boutiques and popular eateries such as The Vig Arcadia, La Grande Orange Grocery, Postino WineCafe, Beckett’s Table, Crudo, Nook, Chelsea’s Kitchen, North Italia, The Yacht Club, Buck & Rider, Steak 44 and The Henry. The property is located in Phoenix’s Arcadia area, east of the SR-51 Piestewa Freeway, west of 40th Street, north of the Loop 202 Red Mountain Freeway, just south of Indian School Road, along 37th Street, allowing easy access to the Biltmore area, the Camelback Corridor, the Valley freeway system and numerous employers. – more at cem-az.com