The Meridian on the Biltmore apartments is positioned at 5104 N. 32nd St. Until the sale, the highest per unit price realized was $115,000 for the Camelback Lofts in Scottsdale.

Over the coming months, Starpoint Properties plans to convert the four-story apartments into for-sale condominium units. Being along the Camelback Corridor, at the northwest corner of 32nd Street and Camelback Road, the 10-year old apartment complex is near perhaps the most sought-after office property in the Valley. It's also adjacent to some of the most upscale shopping, in the Biltmore Fashion Park and some of the Valley's most opulent housing.

"It's one of the prime multifamily properties in the Phoenix metro areas for conversion," Jeff Swenson of Swenson Realty Group Inc., which brokered the deal, tells GlobeSt.com. "It's really well located. They have nice units that are good sized. Location is everything and Meridian has it."