Vestis Group Completes Sale Of Phoenix Apartments For $3 Million | $187,500 Per Unit
FOR IMMEDIATE RELEASE – May 1, 2019
VESTIS GROUP COMPLETES SALE OF PHOENIX APARTMENTS FOR $ 3 MILLION | $187,500 PER UNIT
Vestis Group completed the sale of two adjacent apartment complexes, totaling 16 multifamily units, located at 4401 N 21st Street and 4405 N 21st Street, in the Biltmore-area of Phoenix, for $3,000,000 or $187,500 per unit.
(Phoenix – May 1, 2019) – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of two adjacent apartment complexes, totaling 16 multifamily units, located at 4401 North 21st Street and 4405 North 21st Street, in the Biltmore-area of Phoenix, for a combined sales price of $3,000,000 or $187,500 per unit.
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs and Matt Morrell worked in conjunction with Jeff Seaman of CBRE, Inc., who negotiated the transaction on behalf of the seller, MODE Apartments + Homes of Phoenix. The buyer, a private investor from Scottsdale, Arizona, was represented by Victoria Miachika of Real Estate Intelligent Marketing, LLC.
21st Street & Turney Apartments, aka MODE @ 21st Street & Turney, is a 16-unit, midcentury modern, single-story, rental community located in the Biltmore-area of Phoenix, near Phoenix Children’s Hospital, Arizona Heart Hospital, and shops and popular eateries such as Binkley’s, Whole Foods, Trader Joe’s, Grassroots Kitchen & Tap, Pizzeria Bianco, Snooze, Sage Kitchen and The Parlor.
21st Street Apartments is a midcentury modern rental community located in Phoenix’s Biltmore Area, east of the SR-51 Piestewa Freeway, west of 24th Street, just north of Indian School Road, along Glenrosa Avenue, allowing easy access to The Shops at Town & Country, Biltmore Fashion Park, the Camelback Corridor, the valley freeway system and numerous employers. The property is a short distance from the Grand Canal, which many people utilize for recreation, including running and biking.
Built in 1950, 1954 and 1971, 21st & Turney Apartments was fully remodeled and repositioned in 2018. The apartment community is comprised of sixteen (16) residential rental units, including one-bedroom, two-bedroom and three-bedroom units floorplans. Interior property upgrades include in-suite laundry, stainless-steel appliance package, stainless steel sinks with garbage disposal and retractable multi-setting faucet, granite countertops with porcelain tile backsplash, stained concrete floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features private patios, pet friendly accommodations and covered parking.
Vestis Group is the broker of choice for individuals and institutions investing in multifamily residential and commercial real estate throughout Metropolitan Phoenix. Our advisors assist clients in the acquisition and disposition of multifamily investment and retail investment assets, including, apartments, bulk condo packages, duplex/triplex/fourplex properties, single-family rental portfolios (SFR Portfolios), income producing single-family investment properties, neighborhood strip centers, retail power centers, retail strip centers, neighborhood grocery, retail PAD and retail shopping centers. In the field of housing, Vestis Group’s principals have developed, built, rehabilitated, constructed, improved, managed, and sold thousands of apartments units, condos, single-family homes and home sites.
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About Vestis Group
Vestis Group is a leading Multifamily Investment sales and Advisory Services firm with a proven track-record of providing value added brokerage services coupled with innovative and ongoing real estate investment strategies.
We specialize in Phoenix Apartments For Sale.
Our mission is to ensure that owners and investors receive the most efficient research, marketing, real estate consultation and transaction services available. We pride ourselves on our ability to deliver added value to our clients by building uncompromising and long-lasting relationships with our partners.
Vestis Group serves multifamily owners and investors with a full suite of commercial real estate services, including Buyer Representation, Tenant Representation, Project Marketing & Sales, Asset Management, Project & Development Services, Research and Consulting.
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