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.