FOR IMMEDIATE RELEASE – September 2, 2014
VESTIS GROUP PURCHASES ALVARADO APARTMENTS IN MIDTOWN PHOENIX
(Phoenix – September 2, 2014) – Vestis Group is pleased to announce that brokers Natan Jacobs, Les Litwin and Chad Barber have completed the sale of Alvarado Apartments, a 10-unit multifamily community located in the trendy Alvarado East Historic District neighborhood in Midtown Phoenix, Arizona for $425,000 / $42,500 Per Unit.
Rolf Erikson of Solana Beach, California sold Alvarado Apartments, located at 376 East Alvarado Road, in the Midtown Phoenix neighborhood of Phoenix to 376 E. Alvarado, LLC of Phoenix, Arizona for $425,000 / $63.43 Per Square Foot. Natan Jacobs, Les Litwin and Chad Barber with Vestis Group in Phoenix represented the Buyer in the purchase of this Phoenix multifamily property. Brian Tranetzki, Rich Butler, and Chris Lake with Marcus & Millichap in Phoenix represented the Seller.
Alvarado Apartments is a single story, multifamily community located in the East Alvarado Historic District in Midtown Phoenix, near the Valley Metro Light Rail, the Phoenix Art Museum, the Heard Museum, Arizona Opera, Phoenix Theatre, Lisa Sette Gallery, Margaret T. Hance Park, Park Central Mall, Phoenix Children’s Hospital, Arizona Heart Hospital, and boutiques and popular eateries such as The Pie Hole, Humble Pie, Wy Knot Cafe, The Main Ingredient Ale House & Cafe, Bikini Beans Expresso, MacAlpine’s Soda Fountain, Rice Paper, Urban Vine, America’s Taco Shop, Green, Nami, Gadzooks, Taco Guild, Sutra Midtown Yoga, Salvador Calvano Hair and some of our State’s top schools including Xavier College Preparatory and Brophy College Preparatory. Built in 1958, Alvarado Apartments is comprised of six (6) one-bedroom / one-bathroom units of approximately 600 square feet and four (4) two-bedroom / one-bathroom units of approximately 775 square feet. The buildings are constructed of block with pitched asphalt single roofs. Amenities include laundry facilities, storage units, desert landscaping, and surface parking. The property is located in Midtown Phoenix, less than one mile north of Interstate 10 and approximately one and one half miles west of Arizona State Route 51 (Piestewa Freeway), along Alvarado Road, just west of 7th Street, allowing easy access to Downtown Phoenix, providing access to the State’s densest employment corridor. 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 and gas in their units, including the cost of heating and air conditioning.
The buyer, Vestis Group, is a privately owned real estate firm specializing in multifamily residential investment real estate. Vestis Group invests in distressed, older vintage, multi-family, commercial and single-family properties, which require minor to major rehab, in established or trendy, improving/transitional neighborhoods and increase the value through high-end renovation, target marketing and hands-on property management.
“This was a great purchase for us,” said Les Litwin, a principal with Vestis Group. “The property is well located in a trendy area of Midtown Phoenix, near downtown, the light rail, restaurants, museums and entertainment. Homes in the neighborhood range from $400,000 to over $1.3 million. We intend to put out a high-end rental product commensurate with the neighborhood.”
Litwin said they have purchased eight multifamily properties and an office building in the last twelve months and have several new acquisitions scheduled in the coming weeks. “We are hoping to acquire another ten to twelve apartment redevelopment projects over the next year,” Litwin said.
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.