FOR IMMEDIATE RELEASE – June 1, 2016
VESTIS GROUP COMPLETES SALE OF PHOENIX MULTIFAMILY LAND NEAR ARCADIA
(Phoenix – June 1, 2016) – Vestis Group, a multifamily brokerage, investment and development firm, is pleased to announce the completed sale of 0.5 Acres of R-3 Zoned Phoenix Multifamily Land, located near the Camelback Corridor and Arcadia, in the Biltmore neighborhood of central Phoenix, Arizona for $365,000 / $16.73 Per Square Foot.
MODE Apartments + Homes acquired the 0.5 acre parcel, located a mile south of the Camelback Corridor, one of the Valley’s most desirable and bustling professional office corridors, and home to the Biltmore Fashion Park, an outdoor lifestyle mall widely recognized as the “crown jewel” of Phoenix retail centers. The site enjoys a superior central Phoenix location, within walking distance of trendy Biltmore and Arcadia neighborhood coffee shops, wine bars, restaurants, shopping and entertainment.
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Chad Barber worked in conjunction with Nick Bardyga of Sterling Fine Properties, who negotiated the transaction on behalf of the buyer, MODE Apartments + Homes, and the seller, Jeffrey Lycans of Gilbert, Arizona.
3898 Biltmore totals 0.5 acres south of Fairmount Avenue on North 30th Street. The site is 1.6 miles east of the 51 Freeway and just three miles north of Phoenix Sky Harbor Airport. 3898 Biltmore is slated for contemporary designed urban residences with state-of-the art construction features and modern amenities. Six single-family homes are envisioned for the project.
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 | Phoenix Condo Kings
Vestis Group provides unparalleled service and expertise to both Buyers and Sellers in Arizona’s most sought after neighborhoods, including Arcadia, Biltmore, Camelback Corridor, North Central Phoenix, Downtown Phoenix, Midtown Phoenix, Phoenix Historic Districts, Old Town, Scottsdale, Paradise Valley, Fountain Hills, Tempe, Mill Avenue and Lake District, and Tempe Near ASU. Representing residential property sales throughout Maricopa County including luxury condominiums, lofts, condos, townhomes, single-family homes and investment real estate, Vestis Group is dedicated to the highest standards of professionalism, expertise and client satisfaction.
Vestis Group’s principals, Natan Jacobs and Les Litwin, have sold over 5,600 condos in the Metropolitan Phoenix market, totaling over $295 million in Arizona real estate transactions and have developed, built, rehabilitated, constructed, improved, managed and sold thousands of apartments, condos, homes and home sites.
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