Vestis Group Purchases Drury Apartments In North Central Phoenix
By Sarah Stecko | Commercial Executive Magazine
Vestis Group is pleased to announce that brokers Natan Jacobs, Les Litwin and Chad Barber have completed the sale of Drury Lane Apartments, an 8-unit multifamily community located in the trendy area of North Central Phoenix, just west of the Biltmore neighborhood in Phoenix, Arizona for $465,000 / $58,125 Per Unit.
The Halavan Limited Partnership of Scottsdale sold Drury Lane Apartments, located at 5317 North 11th Street, in North Central Phoenix to 5317 N 11th Street, LLLP of Phoenix, Arizona for $465,000 / $63.26 Per Square Foot. Natan Jacobs, Les Litwin and Chad Barber with Vestis Group in Phoenix represented the Buyer in the purchase of this off-market Phoenix multifamily property. The Seller was not represented.
Drury Lane Apartments, is a midcentury modern, 8 unit, garden-style multifamily community located in the trendy area of north central Phoenix near numerous Valley hotspots, including: Postino WineCafe, Oregano’s, Spinato’s, St. Francis, Windsor, Little Cleo’s at The Yard, Culinary Dropout at The Yard, Taco Guild and Starbucks at Old School 07. The Yard . Built in 1963, Drury Lane Apartments has a pitched, composition roof and concrete-block construction, single-level buildings and is individually-metered for utilities. The unit mix is comprised of one (1) one-bedroom / one-bathroom unit, six (6) two-bedroom / one-bath units and one (1) three-bedroom / two-bath unit. All the units have spacious kitchens, large closets and private enclosed patios. Common area amenities include a swimming pool, covered parking and laundry facility.
Drury Lane Apartments enjoys a superior north central Phoenix location within close proximity to the prestigious Biltmore area and Camelback Corridor, Phoenix’s premier upscale shopping, dining and financial district. The area is surrounded by high-profile businesses, luxury resorts and some of the most exclusive homes in the Valley with median home values around $700,000, though many exceed $2 million. The property is situated one half mile south of Camelback Road, approximately 2.2 miles west of the Biltmore Fashion Park, a 535,430-square foot open air regional shopping mall, with notable tenants including: Macy’s, Saks Fifth Avenue, Chanel, Gucci, Prada, Louis Viutton, Fendi, Apple, Crate & Barrel, and Williams Sonoma. Notable area employers include Northwestern Mutual, Merrill Lynch, North Trust Bank, UBS, Alliance Residential Company, Cole Real Estate Investments, Fennemore Craig, Greenburg Traurig, DLA Piper and Cisco Systems, Inc. Drury Lane Apartments is located approximately 0.7 miles from the State Route 51 (Piestewa Freeway) which connects to Interstate 10 (Maricopa Freeway), Loop 202 (Red Mountain Freeway), providing easy access to Downtown Phoenix, Sky Harbor International Airport, Tempe, Scottsdale, the southeast and southwest Valleys.
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 tremendous purchase for us,” said Les Litwin, a principal with Vestis Group. “The property is well located in a trendy area of North Central Phoenix, near tons of restaurants, coffee shops, entertainment, the Arizona Biltmore Hotel and the Camelback Corridor.”
Litwin said they have purchased nine multifamily properties and an office building in the last fourteen months and have several new acquisitions scheduled in the coming weeks. “We are hoping to acquire another dozen or so apartment redevelopment projects over the next year,” Litwin said. – more at cem-az.com