Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of Biltmore at 18th Street, an 18-unit apartment complex located at 3311 North 18th Street in Central Phoenix. The multifamily asset commanded a sale price of $1,995,000 or $110,833 per unit.
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Chad Barber worked in conjunction with Brian Tranetzki and Rich Butler of Marcus & Millichap, who negotiated the transaction on behalf of the buyer, a private investor from Scottsdale, Ariz. and the seller, MODE Apartments of Phoenix.
Biltmore at 18th Street enjoys a dynamic central Phoenix location, in close proximity to Biltmore Fashion Park, the Camelback Corridor, Grand Canal, Valley freeway system, 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, Biltmore at 18th Street was fully remodeled and repositioned in 2014.
“We are experiencing increased investor demand for renovated assets that service millennial renters, who prefer urban living, but may be priced out of the new construction or A-class quality properties,” says Les Litwin, Principal at Vestis Group and the lead broker for this transaction, “18th at Biltmore’s irreplaceable location in Central Phoenix, with its close proximity to dining, shopping, biking trails, transportation and employment centers, really helped fuel the reposition and lease up, as it caters to the growing population of renters. This turn-key asset is ideally positioned to capitalize on expanding employment in the area.”
Interior property upgrades include in-suite laundry, polished concrete flooring, new contemporary cabinetry, glass tile backsplashes, stainless steel appliances, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features new covered parking, a sandblasted block fascade, contemporary metal monument sign, composite wood access gates with keyed entry, resurfaced asphalt parking lot, new xeriscape landscaping and expanded pool area with built in outdoor grilling station.