FOR IMMEDIATE RELEASE – August 17, 2018
VESTIS GROUP BROKERS SALE OF 24TH STREET CORRIDOR PHOENIX APARTMENTS
(Phoenix – August 17, 2018) – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of Biltmore Flats, an 8-unit, single-story apartment community located at 2004 North 24th Street, in Central Phoenix for $975,000 or $121,875 per unit.
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Matt Morrell and Chad Barber negotiated the transaction on behalf of the seller, a private investor from Phoenix, Arizona. The buyer, a private investor from Durango, Colorado, was represented by Victoria Miachika of GPCI | Real Estate Multifamily & Land Development of Scottsdale, Arizona. MODE Apartment Living LLC will continue to professionally manage the apartment community for the new owner.
Biltmore Flats Apartments, aka MODE @ 24th Street, is an 8-unit, midcentury modern, single-story, courtyard-style, multifamily rental community located in the Biltmore-area of Phoenix, near Phoenix Children’s Hospital, Arizona Heart Hospital, and shops and popular eateries such as Binkley’s, Pa’La Kitchen, Wren House Brewing Company, Whole Foods, Trader Joe’s, Grassroots Kitchen & Tap, Pizzeria Bianco, Snooze, Sage Kitchen and The Parlor.
Biltmore Flats 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 McDowell Road, along the northwest corner of Palm Lane and 24th 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.
Biltmore Flats @ 24th Street offers style and convenience while raising the bar for urban apartment living in central Phoenix. Developed in 1959, the subject property was fully renovated in 2018, using high-end finishes and updating with modern contemporary design. The unit mix is comprised of eight (8) 1-bedroom / 1-bathroom units of approximately 525 square feet. Interior property upgrades stainless-steel appliance package, stainless steel sinks with garbage disposal and retractable multi-setting faucet, granite countertops, stained concrete floors, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features gated courtyard, pet friendly accommodations, on-site laundry facilities 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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