FOR IMMEDIATE RELEASE – December 5, 2014
VESTIS GROUP BROKERS 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 4233 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.
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.