Sean O'Carroll, principal in the local firm, Downtown in ThirdDevelopment LLC, tells GlobeSt.com that he and his partner, GaryLeavitt, plan to invest approximately $30,000 per unit to convertthe class B complex at 310 W. Earl Dr. The conversion begins inNovember. "The building will start vacating around then and we'llbe in full gear for conversions by the first of the year," he says,adding reservations will be accepted in January 2006. Units willstart at $195,000.
The two-bedroom units of 850 sf are renting for $650 per month.The building was 90% occupied at the time of closing.
Greg Banchik with Realty Executives' Phoenix office representedthe sellers, Bertran and Dorothy Baylin. The O'Carroll Group Inc.in Phoenix represented the investors in the transaction.
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