Local buyer Daniel J. Furlan has shelled out $10.3 million for the city apartment community, known as Cliffbridge Manor. He has acquired the property, which is located at 3980 8th Ave., from locally based Cliffbridge Manor LP.
Steve Huffman and Jules Arthur of the local office of Hendricks & Partners negotiated the transaction.
With single-family home prices continuing to skyrocket, condominiums are becoming an attractive option for many potential homebuyers. In turn, many cities are amenable to condos, which makes conversions an attractive option for investors. The trend has also been helped by today's relatively low interest rates and the high cost of new construction (as it pertains to both condos and single-family homes). Condo conversions really picked up steam in 2002 and have continued to grow in popularity over the past year, according to industry experts.
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