FOR IMMEDIATE RELEASE – May 7, 2013
Vestis Group Brokers Sale Of Sage Court Apartments In Phoenix
(Phoenix – May 7, 2013) – Vestis Group is pleased to announce the completed sale of Sage Court Apartments, a 29-unit multifamily property, located at 730 E. Turney Avenue in Phoenix, Arizona, for $760,000 / $26,207 per unit.
Landsmith Appreciation Fund LLC of San Francisco, California sold the Sage Court Apartments in Phoenix to Southwest Sonoran Enterprises LLC of Phoenix, Arizona for $760,000. Natan Jacobs and Les Litwin of Vestis Group negotiating the sale of this Phoenix apartment complex. The new owner plans to upgrade the unit interiors and refresh the buildings’ exterior and amenities.
Sage Court is a one story community built in 1944 comprised of 29 units: 24 one bedroom / one bathroom units, four two bedroom / one bathroom units, and one three bedroom / two bathroom unit. The building is constructed of block with pitched shingle roofs. Amenities include a coin operated washer and dryer facility. The property is individually metered for electricity and master metered for water. 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. 17 covered parking spaces and 18 uncovered parking spaces are provided on site, plus additional street parking is available. The Sage Court Apartments is constructed on four rectangular sites of approximately 2.20 acres, providing a density of 13.2 units per acre.
The Sage Court Apartments is located at 730 – 820 East Turney Avenue in Phoenix, Arizona. It is situated on the north side of Turney Avenue, a residential street, between Indian School and Camelback Roads, major thoroughfares running through Phoenix. The property is less than two miles west of the SR-51 and less than three miles from the I-10, both major arterial highways that connect to the Loop 101 and I-17 freeways. These highways give residents of Sage Court easy access to downtown Phoenix and all other parts of the metropolitan area. Sage Court is also blocks away from the Metro Light Rail station that runs along Central Avenue. The area immediately surrounding Sage Court contains a variety of schools, multifamily and single-family residential properties, retail, and hospitals including: VA Hospital and Phoenix Children’ s Hospital. Several neighborhood shopping centers, parks, churches, and public facilities are located within a mile of the property; including Steele Indian School Park. Arizona State University Downtown Campus, Rio Salado Community College, and Phoenix Community College are all located within easy driving distance of Sage Court.
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.