Vestis Group Principals Natan Jacobs and Les Litwin have completed the sale of Monterosa Apartments, an 8-unit multifamily community located in the sought after Arcadia neighborhood, just east of the Biltmore in Phoenix, for $1.065 million, or $133,100 per unit ($157.75 per square foot).
3728 East Monterosa Apartments, LLC of Phoenix sold Monterosa Apartments, located at 3728 E. Monterosa St. in Arcadia, to DRALA, LLC of San Francisco.
Natan Jacobs and Les Litwin with Vestis Group in Phoenix represented the seller in the sale of this Phoenix multifamily property. Erica Rodgers with Realty One Group represented the buyer.
Monterosa Apartments is an 8-unit, garden-style multifamily community located near the Arizona Biltmore Resort, Biltmore Fashion Park and Camelback Corridor.
Built in 1964 and renovated in 2014, Monterosa Apartments is comprised of two two-bedroom/two-bathroom units measuring approximately 875 square feet, four two-bedroom/one-bathroom units of approximately 850 square feet, and two two-bedroom/one-bathroom units measuring about 800 square feet.
The buildings are constructed of block with flat roofs. Amenities include in-suite washer and dryer, grilling station, bocci ball court, pool, desert landscaping and covered parking.
The property is individually metered for electricity and master metered for water. The property owner is responsible for the cost of water, sewer, and trash pickup, and the residents are responsible for the cost of electricity in their units, including the cost of heating and air conditioning.
Monterosa Apartments enjoys an east-central Phoenix location within close proximity to the Phoenix’s premier upscale shopping, dining and financial district. The area is surrounded by numerous Phoenix hotspots, 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 west of 40th Street and south of Camelback Road, approximately 2.4 miles from the Biltmore Fashion Park, a 535,430-square-foot, open-air, regional shopping mall, with notable tenants that include 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.
Monterosa Apartments is located approximately 2.6 miles from State Route 51, which connects to Interstate 10 and Loop 202, providing easy access to Downtown Phoenix, Sky Harbor International Airport, Tempe, Scottsdale and the southeast and southwest Valley.