(Phoenix – July 18, 2014) – Vestis Group is pleased to announce that Principals Natan Jacobs and Les Litwin have completed the sale of La Promenade Apartments, an 18-unit multifamily community located in Midtown Phoenix, southwest of the Biltmore neighborhood in Phoenix, Arizona for $825,000 / $45,833 Per Unit.
Rick and Sandra Sheldon of Santa Rosa, California sold La Promenade Apartments, located at 3311 North 18th Street, in the Midtown Phoenix neighborhood of Phoenix to 3311 North 18th Street, LLC of Phoenix, Arizona for $825,000 / $49.28 Per Square Foot. Natan Jacobs and Les Litwin with Vestis Group in Phoenix represented the Buyer in the purchase of this Phoenix multifamily property. Terry Kass with Caliber Realty Group represented the Seller.
La Promenade, is a mid-century modern, single story, multifamily community located in Midtown Phoenix, near Phoenix Children’s Hospital, Arizona Heart Hospital, and boutiques and popular eateries such as Bink’s Midtown, Mejico Cocina Mejicana, Coup Des Tartes, Gadzooks, and Taco Guild. Built in 1979, 18th Street Apartments is comprised of eighteen (18) two-bedroom / one-bathroom units of approximately 930 square feet. The buildings are constructed of block with flat roofs. Amenities include laundry facilities, storage units, pool, desert landscaping, and surface parking. The property is located in Midtown Phoenix, just south of Osborn Road, along 18th Street, allowing easy access to Biltmore Fashion Park, the Camelback Corridor, the valley freeway system and numerous employers. The property is adjacent to the Grand Canal, which many people utilize for recreation, including running and biking. 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 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.
“We are excited to start working on this project,” said Les Litwin, a principal with Vestis Group. “We start demo on Monday.”
Litwin said they purchased and repositioned five other projects last year and have two new acquisitions scheduled in the coming weeks. “We are hoping to acquire another seven or eight infill projects before the end of the year,” Litwin said.