PHOENIX-The 240-unit Springs Apartments have been sold to an Englewood, CO-based real estate management company for $16.5 million or $68,750 per door.

Located at 17211 N. 35th Ave., the 23-year-old complex, developed as condos before becoming a rental property, will be returned to its original use. The projected conversion cost for the 92%-leased complex is $6 million, according to Brad Goff, principal with Apartment Realty Advisors' Phoenix office.

"The Hill Cos. put quite a bit of due diligence into this, in terms of visiting the location and underwriting it," says Goff, who represented the seller, Thomas Properties of Centennial, CO. The buyer used an in-house broker to package the deal.

Goff tells GlobeSt.com that the property was on the market 45 days, receiving five to 10 offers. "We had higher offers in terms of price," he says, adding that the asset was listed for $17 million. He says potential buyers who took the time to view the properties had the advantage. The Hill Cos., which continues to seek out condo conversion activities in the area, took the time to do just that. "They knew what to do with the property," he says.

Springs Apartments, situated on 9.7 acres, has 60 one-bedroom units of 758 sf, which rent for $603 per month; 148 two-bedroom apartments, ranging from 933 sf to 1,126 sf and renting for $728 to $769; and 32 three-bedroom layouts, measuring 1,322 sf and being marketed for $903.