Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of La Ville Apartments, a 20-unit apartment complex located at 4231 North 27th Street in the Biltmore-area of Phoenix. The multifamily asset commanded a sale price of $1,230,000 or $61,500 per unit.
The Phoenix-based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Chad Barber worked in conjunction with Jeff Seaman, Derek Smigiel and Brian Smuckler of CBRE, who negotiated the transaction on behalf of the buyer, MODE Apartments of Phoenix, and the seller, Total World Management of Saratoga, California.
La Ville Apartments enjoys a superior east central Phoenix location within close proximity to the prestigious Biltmore-area and Camelback Corridor, Phoenix’s premier upscale shopping, dining and financial district. The area is surrounded by high-profile businesses, luxury resorts and some of the most exclusive homes in the Valley with median home values around $700,000, though many exceed $2 million. The property is situated just south of Camelback Road, less than a mile and a half from the Biltmore Fashion Park, a 535,430-square foot open air regional shopping mall, with notable tenants including: Macy’s, Saks Fifth Avenue, Chanel, Gucci, Prada, Louis Viutton, Fendi, Apple, Crate & Barrel, and Williams Sonoma. Notable area employers include Northwestern Mutual, Merrill Lynch, North Trust Bank, UBS, Alliance Residential Company, Cole Real Estate Investments, Fennemore Craig, Greenburg Traurig, DLA Piper and Cisco Systems, Inc. La Ville Apartments is located approximately 1.7 miles from the State Route 51 (Piestewa Freeway) which connects to Interstate 10 (Maricopa Freeway), Loop 202 (Red Mountain Freeway), providing easy access to Downtown Phoenix, Sky Harbor International Airport, Tempe, Scottsdale, the southeast and southwest Valleys. Built in 1970, La Ville Apartments is comprised of twenty (20) two-bedroom / one-bathroom units of approximately 819 square feet. The buildings are constructed of block with pitched roofs.
Amenities include a swimming pool, laundry facilities, surface parking, private patios and mature landscaping.
“La Ville was purchased as an upleg to a 1031 exchange, along with two other Phoenix apartment complexes, following the recent sale of MODE @ 18th Street,” says Les Litwin, Principal at Vestis Group, “The multifamily property will be renovated inside and out with high-end finishes, contemporary styling and modern anemities.”