FOR IMMEDIATE RELEASE – January 15, 2015
VESTIS GROUP BROKERS PASADENA APARTMENTS SALE IN MIDTOWN PHOENIX
(Phoenix – January 15, 2015) – Vestis Group is pleased to announce that Brokers Natan Jacobs, Les Litwin and Victoria Miachika have completed the sale of Pasadena Apartments, a 9-unit multifamily community located at 302 West Pasadena Avenue, in central Phoenix, Arizona for $650,000 or $72,222 per unit.
Pasadena Apartments is a garden-style, one-story, multifamily community located in the trendy Medlock Place Historic District in Midtown Phoenix, just north 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 The Newton, QCumberz, Retro Ranch, Paris Envy, Flo’s On 7th, Figs Home & Garden, Halo Animal Rescue Thrift Boutique, Melrose Vintage, Southern Rail, Copper Star Coffee, Gadzooks, and Taco Guild. Built in 1959, Pasadena Apartments has a pitched roof and concrete-block construction, single-level buildings. The unit mix is comprised of five (5) one-bedroom / one-bath units of approximately 720 square feet, three (3) two-bedroom / one-bath units of approximately 915 square feet and one (1) two-bedroom / two-bath unit of approximately 922 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 California, purchased the property as a long term investment.
The seller, Russell Ruhr, is from Vancouver, British Columbia, Canada.
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Victoria Miachika represented the buyer in the transaction. The seller did not utilize third party representation.
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.