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CHANDLER, AZ-A San Diego-based company has sold its last multifamily property in the area, the 187-unit Crystal Cove Apartments, for $21.7 million.

The complex, located at 725 N. Dobson Rd., was marketed without a minimum price. It was snagged by Falcon Real Estate Investment Co. LP, also from San Diego, which is now planning to convert the units into condominiums. Conversion costs and timelines were not available by publication time.

According to Tyler Anderson, vice president in Phoenix for CB Richard Ellis Inc., the seller, Douglas Allred Co., recently sold another apartment complex, the 156-unit Arpeggio in Tempe. "They're simply taking advantage of the market for condo conversion," says Anderson, who with CBRE's Sean Cunningham marketed the property for Allred. The buyer was self-represented.

Crystal Cove, which spent a month on the market, attracted 10 to 12 offers, with Falcon Real Estate offering the most competitive price, Anderson tells GlobeSt.com. "I think they'd like to buy more property here," he says.

Anderson says that, though Allred has sold off its final multifamily holding in the area, it will continue to maintain a presence in the industrial and office sectors. "They develop it, build it and sell it and will continue to do that," he says.

The 10-year-old Crystal Cove was 90% occupied at closing. It has 87 one-bedroom units, measuring 740 sf and renting for $724 per month; 88 two-bedroom apartments, ranging from 960 sf to 1,120 sf for $824 to $832; and 12 three-bedroom floor plans, each 1,320 sf for $1,024.

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Condo Converter's $22M Reins In Allred's Last Multifamily Asset

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