FOR IMMEDIATE RELEASE – June 16, 2014
Vestis Group Completes Sale Of Arcadia-Area Apartments In Phoenix AZ
(Phoenix – June 16, 2014) – Vestis Group is pleased to announce that brokers Natan Jacobs, Les Litwin and Victoria Miachika have completed the sale of Orinoco Apartments, a 15-unit multifamily community located near the sought after Arcadia neighborhood of Phoenix, Arizona for $850,000 / $56,667 per unit.
Mawi, LLC of Scottsdale, Arizona sold Orinoco Apartments, located at 3406 N 38th Street, near the Arcadia neighborhood of Phoenix to Estates @ Arcadia, LLLP, a private Canadian investment group from Vancouver, British Columbia for $850,000. Natan Jacobs, Les Litwin and Victoria Miachika with Vestis Group in Phoenix represented the Buyer in the sale of this Phoenix multifamily property. Brian Smuckler and Jeff Seaman with CBRE, Inc. in Phoenix represented the Seller.
Orinoco is a 15-unit garden-style apartment community located in a desirable east Phoenix neighborhood with high barriers to entry. Built in 1973, the property is made of block construction with flat roofs and is individually-metered for electricity. The unit mix consists of one, two and three-bedroom floor plans that are extremely spacious and well designed and average approximately 833 square feet. Interior unit features include fully appointed kitchens with electric appliances, ceramic tile flooring, ample closet space, vertical blinds, ceiling fans and private back patios. This low-density property is situated on approximately 0.94 acres and is attractively landscaped with lush turf and mature shade trees. Community amenities include a large sparkling swimming pool, security doors, laundry facility, secured access gates, exterior lighting and covered parking.
Orinoco Apartments enjoys an 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 Indian School Road along 38th Street allowing easy access to Biltmore shopping, Arcadia restaurants, the Camelback Corridor business district, the Valley freeway system and numerous employers.
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.