FOR IMMEDIATE RELEASE – September 30, 2014
VESTIS GROUP SELLS MCDOWELL APARTMENTS IN DOWNTOWN PHOENIX
(Phoenix – September 30, 2014) – Vestis Group is pleased to announce that Principals Natan Jacobs and Les Litwin have completed the sale of McDowell Apartments, an 8-unit multifamily community located in the sought after F.Q. Story Historic District in Downtown Phoenix, just north of Midtown Phoenix, Arizona for $719,000 / $89,875 Per Unit.
Pinnacle AZ Development LLLP of Phoenix, Arizona sold McDowell Apartments, located at 1317 & 1321 West McDowell Road, in the F.Q. Story Historic District of downtown Phoenix to the Virani Family Trust of San Francisco, California for $719,000 / $131 Per Square Foot. Natan Jacobs and Les Litwin with Vestis Group in Phoenix represented the Seller in the sale of this Phoenix multifamily property. Tom Rizen with R.A.N. Realty & Property Management represented the Buyer.
McDowell Apartments is an 8-unit, Spanish Revival, single-level, courtyard-style, multifamily community located in the sought after F.Q. Story Historic District neighborhood of Phoenix, in between Downtown Phoenix and Midtown Phoenix, near Encanto Park, Encanto Golf Course and the Roosevelt Arts District. Built in 1945 and renovated in 2014, McDowell Apartments is comprised of 8 two-bedroom / one-bathroom units of approximately 686 square feet. The buildings are constructed of block with pitched tile roofs. Amenities include coin operated washer and dryer facility, green grass courtyard with desert landscaping and covered parking. The property is individually metered for electricity and master metered for water and gas. The property owner is responsible for the cost of water, sewer, trash pickup and gas, and the residents are responsible for the cost of electricity in their units, including the cost of heating and air conditioning.
McDowell Apartments enjoys a superior downtown Phoenix location inside the F.Q. Story Historic District, named Best Neighborhood Phoenix in 2013 by Phoenix New Times, within close proximity to downtown Phoenix attractions like Chase Field, US Airways Center, Downtown Phoenix Campus – Arizona State University, Phoenix Art Museum, Symphony Hall, cultural venues, restaurants, art galleries and the Valley Metro light rail. The property is situated west of 7th Avenue and east of 15th Avenue along McDowell Road, approximately 0.3 miles from the Interstate 10 (Maricopa Freeway), which connects to Interstate 17 (Black Canyon Freeway), State Route 51 (Piestewa Freeway) and Loop 202 (Red Mountain Freeway), providing easy access to the Camelback Corridor, Sky Harbor International Airport, Tempe, Scottsdale, the southeast and southwest Valleys.
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.