The 82-unit lender-owned condo property, which was vacant for two years, will be operated as apartments. The property was sold all-cash for $19,500,000, or approximately $237,800 per unit, which Hendricks and Partners says was among the highest per-unit price achieved in the market in 2010.
The buyer was a private capital buyer entering the marketplace for the first time. The asset, whose original lender was Mortgages Limited, was purchased from ML Manager LLC.
The transaction was negotiated by Mark Forrester, Ric Holway, and Nick Ingle of the Phoenix office of Hendricks & Partners on behalf of the seller.