FOR IMMEDIATE RELEASE – March 25, 2018
VESTIS GROUP BROKERS OFF-MARKET PHOENIX MULTIFAMILY SALE NEAR BILTMORE
(Phoenix – May 25, 2018) – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of MODE @ Glenrosa, a 10-unit, single-story apartment community located at 2031 East Glenrosa Avenue, in the Biltmore-area of East Phoenix for $1,566,000 or $156,600 per unit.
“This transaction went smoothly as we have worked with this buyer previously,” says Matt Morrell, President at Vestis Group and the lead broker for this transaction, “we were happy to work with a repeat buyer and the outcome was a win-win transaction for all parties involved.”
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Chad Barber and Matt Morrell negotiated the transaction on behalf of the seller, MODE Apartments+Homes from Phoenix, Arizona and the buyer, a private investor from Phoenix, Arizona. MODE Apartment Living LLC will continue to professionally manage the apartment community for the new owner.
Glenrosa Apartments, aka MODE @ Glenrosa, is a 10-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 Bink’s Midtown, Whole Foods, Trader Joe’s, Grassroots Kitchen & Tap, Pizzeria Bianco, Snooze, Sage Kitchen and The Parlor.
Glenrosa Apartments is a mid-century 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 the southwest corner of Glenrosa Avenue and 21st Street, 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 1970, Glenrosa Apartments was fully remodeled and repositioned in 2017. The apartment community is comprised of ten (10) residential rental units, including one (1) studio / one-bathroom apartment home of approximately 500 square feet, one (1) one-bedroom / one-bathroom apartment home of approximately 600 square feet, one (1) one-bedroom + den / one-bathroom apartment home of approximately 750 square feet, five (5) two-bedroom / one-bathroom apartment homes of approximately 800 square feet, one (1) two-bedroom / one-bathroom apartment home of approximately 850 square feet and one (1) two-bedroom / two-bathroom apartment home of approximately 900 square feet. 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 or wood laminate floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features private patios on select units, 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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