FOR IMMEDIATE RELEASE – November 26, 2014
Vestis Group Brokers Sale Of Arcadia Area Apartments In Phoenix AZ
(Phoenix – November 26, 2014) – Vestis Group is pleased to announce that Brokers Natan Jacobs, Les Litwin and Chad Barber have completed the sale of Citrus Acres Apartments, a 3-unit multifamily community located in the sought after Arcadia neighborhood of Phoenix, Arizona for $156,000 or $52,000 per unit.
“I am really excited for this project for a couple of reasons,” said Les Litwin, a principal with Vestis Group. “The property is well located in the trendy Arcadia area of east Phoenix, near tons of restaurants, coffee shops, entertainment, the Arizona Biltmore Hotel and the Camelback Corridor. My brother, who has lived outside of the U.S. for the last 13 years, is the buyer and will help with the redevelopment of this project. It also gave him a reason to move back to Arizona, at least for a little while.”
Citrus Arces Apartments is a 3 unit, garden-style multifamily community located in east central Phoenix. Built in 1940 and 1963, Citrus Acres has a pitched, composition roof and concrete-block construction, single-level buildings. The unit mix is comprised of 1 studio / one-bath unit of approximately 300 square feet, 1 two-bedroom / one-bath unit of approximately 700 square feet and 1 three-bedroom / one-bath unit at 1,167 square feet. Common area amenities include private patios, covered and uncovered parking and mature landscaping.
Citrus Acres Apartments enjoys a superior east central Phoenix location near numerous Valley hotspots, including: The Vig Arcadia, La Grande Orange Grocery, Postino WineCafe, Beckett’s Table, Crudo, Nook, Chelsea’s Kitchen and North Italia. This property has great access to the valley freeway system, the Biltmore and downtown. The property is located in a quiet residential neighborhood one half mile south of the Indian School road along 40th Street allowing easy access to the Biltmore area, the Camelback Corridor, the valley freeway system and numerous employers.
The buyer, a private investor from Vancouver, BC, is planning to spend over $140,000 to remodel and transform the Arcadia-area property into 3 luxury rental casitas. Vestis Group, a privately owned real estate firm specializing in multifamily residential investment real estate, will oversee the redevelopment of this site.
The seller was Fannie Mae, AKA Federal National Mortgage Association of Dallas, Texas. The subject property, located at 3948 E Earll Drive in the Arcadia neighborhood of Phoenix, had recently been foreclosed.
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Chad Barber represented the buyer in the transaction. Christian Broadwell with AZCO Properties in Phoenix represented the Seller.
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.