Rolf Erikson of Solana Beach, California sold Alvarado Apartments, located at 376 East Alvarado Road, in the Midtown Phoenix neighborhood of Phoenix to 376 E. Alvarado, LLC of Phoenix, Arizona for $425,000 / $63.43 Per Square Foot. Natan Jacobs, Les Litwin and Chad Barber with Vestis Group in Phoenix represented the Buyer in the purchase of this Phoenix multifamily property. Brian Tranetzki, Rich Butler, and Chris Lake with Marcus & Millichap in Phoenix represented the seller.
Alvarado Apartments is a single story, multifamily community located in the East Alvarado Historic District in Midtown Phoenix, near the Valley Metro Light Rail and the Phoenix Art Museum. Built in 1958, Alvarado Apartments is comprised of six one-bedroom / one-bathroom units of approximately 600 square feet and four two-bedroom / one-bathroom units of approximately 775 square feet. Amenities include laundry facilities, storage units, desert landscaping and surface parking.
The buyer, Vestis Group, is a privately owned real estate firm specializing in multifamily residential investment real estate. Vestis Group invests in distressed, older vintage, multi-family, commercial and single-family properties, which require minor to major rehab, in established or trendy, improving/transitional neighborhoods and increase the value through high-end renovation, target marketing and hands-on property management.
“This was a great purchase for us,” said Les Litwin, a principal with Vestis Group. “The property is well located in a trendy area of Midtown Phoenix, near downtown, the light rail, restaurants, museums and entertainment. Homes in the neighborhood range from $400,000 to over $1.3 million. We intend to put out a high-end rental product commensurate with the neighborhood.”
Litwin said they have purchased eight multifamily properties and an office building in the last twelve months and have several new acquisitions scheduled in the coming weeks. “We are hoping to acquire another ten to twelve apartment redevelopment projects over the next year,” Litwin said.