"The building isn't that old. The buyers have a budget for the conversion, but I'm not sure they're going to do much with this other than resurface the parking lot and maybe repaint," says Chuck LaBenz, vice president of Hendricks & Partners LP's Phoenix office. Biltmore Heights LLC bought the six-year-old Andover Square at 4343 N. 21st St. from AMR Properties LLC of San Francisco.
Situated on 2.9 acres, the complex contains 20 one-bedroom units, ranging from 856 sf to 910 sf; 44 two-bedroom apartments, 1,038 sf to 1,469 sf; and 16 three-bedroom floor plans, 1,354 sf to 1,498 sf. Rents run from $853 to $1,219 per month. Occupancy was hovering 95% at closing.
In August, the same buyer, under the name Central Villas LLC, purchased the 155-unit Andover Park at 3633 N. 3rd Ave. for $28 million in an off-market transaction. The units are now being sold as condos. LaBenz tells GlobeSt.com that the owners are charging $250 per sf to $300 per sf. "I don't know why they couldn't get those numbers at Andover Square, once that's converted," he adds.
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