FOR IMMEDIATE RELEASE – July 3, 2014
Vestis Group Sells Phoenix Multifamily Land To Urban Infill Developer
(Phoenix – July 3, 2014) – Vestis Group is pleased to announce that Principals Natan Jacobs and Les Litwin have completed the sale of 0.57 Acres of R-3 Zoned Phoenix Multifamily Land, located in the sought after Camelback Corridor neighborhood, just south of the Biltmore in Phoenix, Arizona for $750,000 / $30.21 Per Square Foot.
Watt Communities acquired the 0.57 acre parcel located on 27th Street, just south of Campbell Avenue in the Phoenix Camelback Corridor for $750,000. The site enjoys a superior east central Phoenix location within close proximity to the prestigious Biltmore area and Camelback Corridor, Phoenix’s premier upscale shopping, dining and financial district. The area is surrounded by high-profile businesses, luxury resorts and some of the most exclusive homes in the Valley with median home values around $700,000, though many exceed $2 million. The seller in the transaction was Vestis Group | Vestis Capital LLC of Phoenix, Arizona. The 10 unit apartment complex existing on the site is slated to be razed to make way for contemporary urban townhomes.
The buyer, Watt Communities, owns an additional 1.7 acres adjacent to the site and plans to build three-story urban townhomes ranging in size from 1,400 – 1,800 square feet, with attached 2-car garages, contemporary design, gated entry, pool and poolside kitchen, sun deck and landscaped paseos. The original site plan called for 29-units. The new site plan has yet to be announced.
The seller, 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. Vestis Group purchased the land on which the apartments sit in January of 2014 for $500,000 and had intended to reposition the multifamily property and hold for investment.
“We pulled permits and our crews had been working for about a week when we received an unsolicited offer from the homebuilder,” said Les Litwin, a principal with Vestis Group. “We told them that we really were not interested in selling, but at the end of the day, they made us an offer we could not refuse.”
Litwin said they purchased and repositioned five other projects last year and have three new acquisitions scheduled to close at the end of July. “We are hoping to acquire another seven or eight deals before the end of the 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.