Vestis Group is pleased to announce that Brokers Natan Jacobs, Les Litwin and Victoria Miachika have completed the sale of 4th Avenue Apartments, a 16-unit multifamily community located at 631 N 4th Avenue, in downtown Phoenix for $1,040,000 or $65,000 per unit.
‘The buyers are ex pats living abroad who recognized the potential appreciation of the central downtown of a major city like Phoenix,” says Victoria Miachika, Investment Advisor at Vestis Group, “They are long term holders with an eye to capitalize on the ongoing developments, ASU and proximity to the LRT.”
4th Avenue Apartments is a 16-unit, garden-style, two-story, multifamily community located in a highly desirable neighborhood between the Roosevelt District and Copper Square in Downtown Phoenix, along N 4th Avenue, near ASU Downtown Phoenix Campus, Light Rail, Metro 12 Condos, The Vig Fillmore, sports venues, cultural arts, nightlife and fabulous restaurants. The property is located in a quiet residential neighborhood within close proximity to the I-10 Freeway, allowing easy access to Sky Harbor International Airport, Camelback Corridor, Scottsdale, Tempe, the valley freeway system and numerous employers. 4th Avenue Apartments was built in 1957 and the exterior and several of the unit interiors were renovated in 2013. The property has a pitched roof and concrete-block construction, two-story buildings, with re-enforced concrete upstairs floors and walkways. The unit mix is comprised of five (5) one-bedroom / one-bath units of approximately 720 square feet, three (3) two-bedroom / one-bath units of approximately 915 square feet and one (1) two-bedroom / two-bath unit of approximately 922 square feet. Common area amenities include laundry facilities, covered parking and mature landscaping. 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, a private investor from Australia, purchased the property as a long term investment.
The seller, Rescon Properties, LLC, from Topsfield, Massachusetts, renovated the exterior and several unit interiors in 2013.
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Victoria Miachika represented both the buyer and seller in the transaction.