Vestis Group, a leading multifamily real estate brokerage and investment firm, is pleased to announce that brokers Natan Jacobs, Les Litwin, Victoria Miachika and Chad Barber have completed the sale of one hundred six single family homes (106 Single Family Home Portfolio) in Phoenix for $16,775,000 or $158,255 per unit.
Vestis Group played an integral part in bringing the deal to fruition in connecting the buyer and seller. The properties were located throughout Metropolitan Phoenix.
“We (Vestis Group) were really impressed with the quality of construction and overall condition of the majority of the properties included in the portfolio and the Buyer was impressed with the level of finishes, floor plans and overall tenant quality and management the selling entity completed in order to keep the properties leased and maintained. It’s not an easy task. The Buyer plans to hold the properties for investment,” says Victoria Miachika, Investment Advisor at Vestis Group and the lead broker for this transaction.
The 106 Single Family Home Portfolio is comprised of one hundred six existing single-family detached homes located throughout metropolitan Phoenix, Arizona. The rental portfolio consists of mostly four-bedroom homes, built around 2004, and all had been recently updated and well maintained. 101 of the 106 homes were rented at the time of sale.
The buyer, Pacific Rim 106 Properties, LP, is a private partnership based in Scottsdale, AZ, managed by Pacific Rim Properties Investments LTD, an experienced real estate investor with hundreds of single family rental homes in the Phoenix market.
The seller was Wymont Arizona II, LLC of Denver, Colorado.
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin, Victoria Miachika and Chad Barber represented the buyer in the transaction. The seller did not utilize third party representation.