Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of MODE @ 40th Street, a 13-unit apartment complex located at 3110 North 40th Street in the Arcadia-area of Phoenix. The multifamily asset commanded a sale price of $1,900,000 or $146,154 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 seller, MODE Apartments of Phoenix. The buyer, a private investor from Seattle, Washington, was represented by Kris Anderson of RE/MAX Excalibur in Scottsdale, Arizona.
MODE @ 40th Street enjoys a superior east central Phoenix location near numerous Arcadia neighborhood hotspots, including: The Vig Arcadia, La Grande Orange Grocery, Postino WineCafe, Beckett’s Table, Crudo, Nook, Chelsea’s Kitchen and North Italia. Built in 1965, MODE @ 40th Street was fully remodeled and repositioned in 2015.
“After receiving a half dozen unsolicited offers on this asset, the ownership decided to let this one go,” says Natan Jacobs, Principal at Vestis Group and the lead broker for this transaction, “MODE @ 40th Street’s irreplaceable Phoenix location in the Arcadia neighborhood, with its close proximity to dining, shopping, biking and hiking trails, transportation and employment centers, really helped fuel the reposition and lease up of this asset. This turn-key asset is ideally positioned to capitalize on the red hot housing market due to its pre-existing condominium map allowing the buyer to either sell the project in bulk or as individual condos down the road.”
MODE @ 40th Street is comprised of 4 one-bedroom / one-bath units, 7 two-bedroom / two-bath units and 2 three-bedroom / two-bath units. All the units have in-suite washer/dryer, spacious kitchens, large closets and private patios. Common area amenities include an outdoor fireplace, swimming pool, gazebo, grilling station and covered parking.