FOR IMMEDIATE RELEASE – July 10, 2013
Vestis Group Brokers Sale Of Grandview Terrace Apartments in Phoenix
(Phoenix – July 10, 2013) – Vestis Group is pleased to announce the completed sale of Grandview Terrace Apartments, a 36-unit multifamily property, located at 2424 East Grandview Road in Phoenix, Arizona, for $1,350,000 / $37,500 per unit.
Woodridge Manor Holding, Inc. sold the Grandview Terrace Apartments in Phoenix to Wiliam & Cynthia Jarvis from Hawaii for $1,350,000. Natan Jacobs and Les Litwin of Vestis Group represented the Seller in the sale of this Phoenix apartment complex. Rick Horst of Keller Williams Arizona Realty represented the Buyer. The new owner plans to hold the recently renovated apartments long term.
Grandview Terrace is a 36-unit garden style apartment community located in a desirable North Phoenix neighborhood. Built in 1984, the property is made of block construction with pitched roofs and is individually metered for electricity. The unit mix is comprised of 3 studio units of approximately 450 square feet, 6 one-bedroom / one-bath units of approximately 600 square feet, and 27 two-bedroom / one-bath units of approximately 700 square feet. The property is situated on approximately 0.82 acres and has low water use desert landscaping. Community Amenities include covered parking, on-site laundry facility and swimming pool. Grandview Terrace offers an investor the rare opportunity to acquire a low maintenance 1980’s vintage garden-style apartment community with mostly two-bedroom floor plans with immediate rental upside through increased rents in an improving North Phoenix rental market.
Grandview Terrace is located at 2424 East Grandview Road in Phoenix, Arizona. The property is situated in a rapidly expanding area of North Phoenix. The property is located on East Grandview Road, just south of Bell Road, and east of Cave Creek Road. Grandview Terrace offers residents a short commute to a variety of retail shops and employment opportunities and is within one and a half miles to the SR-51 Freeway. In addition, the property is within proximity to the Pointe Golf Club at Lookout Mountain where homes are valued at over $1 million. Major employers in the area include Life Care Center of Paradise Valley, Costco, Arizona Natural Resources, Inc., Paradise Valley Unified School District, Paradise Valley Community College and Target.
About Vestis Group:
Vestis Group is a leading multifamily 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.
For more information, please visit: www.Vestis-Group.com.