Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of Ben Pines Apartments, a 15-unit apartment complex located at 3122 North 38th Street in the Arcadia-area of Phoenix. The multifamily asset commanded a sale price of $937,500 or $62,500 per unit.
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Chad Barber negotiated the transaction on behalf of the buyer, MODE Apartments of Phoenix. Norman Fox of Infill Realty Services represented the seller, Ashford Properties LLC of Phoenix.
Ben Pines Apartments enjoys a superior east central Phoenix location near numerous Valley hotspots, including: The Vig Arcadia, La Grande Orange Grocery, Postino WineCafe, Beckett’s Table, Crudo, Nook, Chelsea’s Kitchen and North Italia. The property is located in a quiet residential neighborhood, one half mile south of Indian School Road, along 38th Street, allowing easy access to the Biltmore, Camelback Corridor, the Valley freeway system and numerous employers. Built in 1978, Ben Pines Apartments is comprised of fifteen (15) two-bedroom / one-bathroom units of approximately 700 square feet. The buildings are constructed of block with pitched roofs. Amenities include laundry facilities, surface parking and mature landscaping.
“Ben Pines was purchased as an upleg to a 1031 exchange, along with two other Phoenix multifamily properties, following the recent sale of MODE @ 18th Street,” says Les Litwin, Principal at Vestis Group, “The property was purchased vacant and a major renovation is planned. The goal is to have newly remodeled apartment homes available for lease in January 2016.”