Multifamily Phoenix December Deals
By ~thebrokerlist team | theBrokerList
Vestis Group continues to dominate with more closings being reported in December. Here are 2 more Multifamily Phoenix December deals being reported to us!
Vestis Group completes sale of Pierson Villa Apartments in Phoenix
(Phoenix – December 2, 2014) – Vestis Group is pleased to announce that Brokers Natan Jacobs, Les Litwin and Chad Barber have completed the sale of Pierson Villa Apartments, a 12-unit multifamily community located at 605 West Pierson Street, in the trendy Pierson Place neighborhood in Midtown Phoenix, Arizona for $568,000 / $47,333 Per Unit.
“The buyer is really excited to get moving on the redevelopment of this project,” says Chad Barber, Investment Advisor at Vestis Group and the lead broker for this transaction, “This is their second acquisition in the Melrose area of Midtown Phoenix and their eleventh acquisition in the last year and a half, under their MODE Apartments platform.”
Pierson Apartments, aka Pierson Villa Apartments, is a garden-style, two-story, multifamily community located in the trendy Pierson Place Historic District in Midtown Phoenix, just south of Camelback Road, west of Central Avenue, east of 7th Avenue (Melrose On 7th), near Park Central Mall, Phoenix College, St. Joseph’s Hospital and Medical Center, Carl T. Hayden VA Medical Center, and boutiques and popular eateries such as QCumberz, Retro Ranch, Paris Envy, Flo’s On 7th, Figs Home & Garden, Halo Animal Rescue Thrift Boutique, Melrose Vintage, Copper Star Coffee, Gadzooks, and Taco Guild. Built in 1958, Pierson Apartments has a flat foam roof and concrete-block construction, two-level buildings. The unit mix is comprised of four (4) one-bedroom / one-bath units, four (4) two-bedroom / one-bath units and four (4) three-bedroom / two-bath units, with a total average unit size of 867 square feet. Common area amenities include laundry facilities, exterior storage, covered parking and mature landscaping. The property owner is responsible for the cost of water, sewer, and trash pickup, and the residents are responsible for the cost of electricity in their units, including the cost of heating and air conditioning.
The buyer, 605 W Pierson LLLP, is a privately owned real estate firm specializing in acquiring, remodeling and holding multifamily residential investment real estate. The buyer plans to spend over $370,000 ($30,000 per unit) to rehabilitate and improve the project.
The seller was Pierson Villas, LLC of Scottsdale, Arizona.
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Chad Barber represented the buyer in the transaction. The seller did not utilize third party representation.
Vestis Group completes Rosalinda Court Apartments Sale in Phoenix
(Phoenix – December 5, 2014) – Vestis Group is pleased to announce that Brokers Natan Jacobs, Les Litwin and Victoria Miachika have completed the sale of Rosalinda Court Apartments, a 9-unit multifamily community located at 4223 North 17th Street, in central Phoenix, Arizona for $545,000 or $60,556 per unit.
Rosalinda Court Apartments is a nine (9) unit, garden-style multifamily community located in located in central Phoenix, near Phoenix Children’s Hospital, Arizona Heart Hospital, and boutiques and popular eateries such as Bink’s Midtown, Mejico Cocina Mejicana, Coup Des Tartes, Gadzooks, and Taco Guild. The property is located in a residential neighborhood, just north of Indian School Road, along 17th Street allowing easy access to Biltmore Fashion Park, the Camelback Corridor, the valley freeway system and numerous employers. . Built in 1986, Rosalinda Court Apartments has a pitched, composition roof and wood frame construction, two-level buildings and is individually-metered for utilities. The unit mix is comprised of two (2) one-bedroom / one-bath units of approximately 830 square feet and seven (7) two-bedroom / two-bath units of approximately 1,030 square feet. All the units have in-suite washer/dryer, spacious kitchens, large closets and private enclosed patios. Common area amenities include covered parking and desert landscaping. The property owner is responsible for the cost of water, sewer, and trash pickup, and the residents are responsible for the cost of electricity in their units, including the cost of heating and air conditioning.
The buyer, a private investor from Iowa, purchased the property as the up-leg to a 1031 exchange.
The seller, Cinderbox, LLC, of Vancouver, British Columbia, had recently completed a full remodel of the 9-unit multifamily property and stabilized the tenant base prior to the sale.
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Victoria Miachika represented the seller in the transaction. The Buyer was represented by Jack Cardinal of Cooper, Cardinal and Company LLC of Phoenix, Arizona.
Vestis Group is the broker of choice for individuals and institutions investing in multifamily residential real estate throughout Metropolitan Phoenix. Our advisors assist clients in the acquisition and disposition of multifamily investment assets, including, apartments, bulk condo packages, duplex/triplex/fourplex properties, single-family rental portfolios (SFR Portfolios) and income producing single-family investment properties. 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. – more at thebrokerlist.com