FOR IMMEDIATE RELEASE – January 20, 2015
VESTIS GROUP BROKERS 4TH AVENUE APARTMENTS SALE IN DOWNTOWN PHOENIX
(Phoenix – January 20, 2015) – Vestis Group is pleased to announce that Brokers Natan Jacobs, Les Litwin and Victoria Miachika have completed the sale of 4th Avenue Apartments, a 16-unit multifamily community located at 631 N 4th Avenue, in downtown Phoenix, Arizona for $1,040,000 or $65,000 per unit.
“The buyers are ex pats living abroad who recognized the potential appreciation of the central downtown of a major city like Phoenix,” says Victoria Miachika, Investment Advisor at Vestis Group, “They are long term holders with an eye to capitalize on the ongoing developments, ASU and proximity to the LRT.”
4th Avenue Apartments is a 16-unit, garden-style, two-story, multifamily community located in a highly desirable neighborhood between the Roosevelt District and Copper Square in Downtown Phoenix, along N 4th Avenue, near ASU Downtown Phoenix Campus, Light Rail, Metro 12 Condos, The Vig Fillmore, sports venues, cultural arts, nightlife and fabulous restaurants. The property is located in a quiet residential neighborhood within close proximity to the I-10 Freeway, allowing easy access to Sky Harbor International Airport, Camelback Corridor, Scottsdale, Tempe, the valley freeway system and numerous employers. 4th Avenue Apartments was built in 1957 and the exterior and several of the unit interiors were renovated in 2013. The property has a pitched roof and concrete-block construction, two-story buildings, with re-enforced concrete upstairs floors and walkways. The unit mix is comprised of studio / one-bath units and one-bedroom / one-bath units, with a total average unit size of 444 square feet. Common area amenities include laundry facilities, 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, a private investor from Australia, purchased the property as a long term investment.
The seller, Rescon Properties, LLC, from Topsfield, Massachusetts, renovated the exterior and several unit interiors in 2013.
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.
About Vestis Group
Vestis Group is a leading Multi Family 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.
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 multi family owners and investors with a full suite of commercial real estate services, including Buyer Representation, Project Marketing & Sales, Asset Management, Condominium Association Management, Project & Development Services, Research and Consulting.