MODE Apartments+Homes | Vestis Capital LLC

Three Phoenix Apartments With 45-Units Sell For $2.73 Million

August 5, 2015

Three Phoenix Apartments With 45-Units Sell For $2.73 Million

By Karen Schutte | Real Estate Daily News

La Ville Apartments – Phoenix, AZ

La Ville Apartments, a 20-unit apartment complex located at 4231 North 27th Street in the Biltmore-area of Phoenix, Arizona commanded a sale price of $1.23 million ($61,500 per unit).

La Ville Apartments enjoys a superior east 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 just south of Camelback Road, less than a mile and a half from 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. La Ville Apartments is located approximately 1.7 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. Built in 1970, La Ville Apartments is comprised of twenty (20) two-bedroom / one-bathroom units of approximately 819 square feet. The buildings are constructed of block with pitched roofs. Amenities include a swimming pool, laundry facilities, surface parking, private patios and mature landscaping.

The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Chad Barber worked in conjunction with Jeff Seaman, Derek Smigiel and Brian Smuckler of CBRE, who negotiated the transaction on behalf of the buyer, MODE Apartments of Phoenix, and the seller, Total World Management of Saratoga, California.

“La Ville was purchased as an upleg to a 1031 exchange, along with two other Phoenix apartment complexes, following the recent sale of MODE @ 18th Street,” says Les Litwin, Principal at Vestis Group, “The multifamily property will be renovated inside and out with high-end finishes, contemporary styling and modern anemities.”

Ben Pines Apartments – Phoenix, AZ

Ben Pines Apartments, a 15-unit apartment complex located at 3122 North 38th Street in the Arcadia-area of Phoenix, Arizona sold for $937,500 ($62,500 per unit).

Ben Pines Apartments enjoys a superior east central Phoenix location near numerous Valley hotspots, including: The Vig Arcadia, La Grande Orange Grocery, Postino WineCafe, Beckett’s Table, Crudo, Nook, Chelsea’s Kitchen and North Italia. The property is located in a quiet residential neighborhood, one half mile south of Indian School Road, along 38th Street, allowing easy access to the Biltmore, Camelback Corridor, the Valley freeway system and numerous employers. Built in 1978, Ben Pines Apartments is comprised of fifteen (15) two-bedroom / one-bathroom units of approximately 700 square feet. The buildings are constructed of block with pitched roofs. Amenities include laundry facilities, surface parking and mature landscaping.

The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Chad Barber negotiated the transaction on behalf of the buyer, MODE Apartments of Phoenix. Norman Fox of Infill Realty Services represented the seller, Ashford Properties LLC of Phoenix.

“Ben Pines was purchased as an upleg to a 1031 exchange, along with two other Phoenix multifamily properties, following the recent sale of MODE @ 18th Street,” says Les Litwin, Principal at Vestis Group, “The property was purchased vacant and a major renovation is planned. The goal is to have newly remodeled apartment homes available for lease in January 2016.”

East Morningside Apartments – Phoenix, AZ

East Morningside Apartments, a 10-unit apartment complex located at 4116-4120 North 21st Street in the Biltmore-area of Phoenix, Arizona sold for $560,000 ($56,000 per unit).

East Morningside Apartments enjoys a superior east central Phoenix location within close proximity to the prestigious Biltmore-area and Camelback Corridor, Phoenix’s premier upscale shopping, dining and financial district. The property is situated just south of Camelback Road, less than a mile and a half from 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. East Morningside Apartments is located approximately a half mile 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. Built in 1964, East Morningside Apartments is comprised of ten (10) residential rental units, including one (1) three-bedroom / two-bathroom single family residence, one (1) one-bedroom/ one-bathroom studio unit, four (4) one-bedroom / one-bathroom apartment homes and four (4) two-bedroom / one-bathroom apartment homes. The buildings are constructed of block with pitched roofs. Amenities include private patios, a laundry facility, surface parking and mature landscaping.

The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Chad Barber represented the buyer, MODE Apartments of Phoenix in the sale. The seller, a private investor from Vancouver, British Columbia, was represented by Linda Gerchick and Tracy Ward of UpTown Realty.

“East Morningside was purchased as an upleg to a 1031 exchange, along with two other Phoenix apartment complexes, following the recent sale of MODE @ 18th Street,” says Les Litwin, Principal at Vestis Group, “The apartment community and adjacent single-family residence will be renovated inside and out with high-end finishes, contemporary styling and modern amenities.” – more at realestatedaily-news.com