GILBERT, AZ-The 288-unit Broadstone Baseline, a just-completed multifamily development, has been acquired for $36.4 million or $126,389 per unit. The local buyer, Emerging Markets of North America, plans to convert it to condominiums.

Situated on 21 acres at 1941 S. Pierpont Rd., the complex brought $400,000 more than the list price. "We marketed this property for about 45 days or so and had active bidding from condo converters and income buyers," says Brad Goff, principal with Apartment Realty Advisors' Phoenix office. He represented the Phoenix-based seller, Alliance Residential Management Co.

Goff tells GlobeSt.com that Emerging Markets' price and experience in conversion markets were the dealmakers. "They're one of the more active converters," he says.

Goff says the Gilbert submarket has typically been an income buyers' area. But, he adds, "when you have a submarket like Gilbert with a $300,000 average for a single-family home, you see the condo market starting to grow."

According to Eric Inabinet with Phoenix-based Capital Advisory Group, which provided the acquisition financing loan, it will be one of the first condo conversions brought to market in Gilbert. It will have price points ranging from the low $140,000 to the $250,000 or slightly more, he says. "Phil Carroll, Emerging Markets' principal, plans very little renovation on either the interior or exteriors," Inabinet adds.

Broadstone Baseline was marketed while it still was under construction. "It received quite a bit of attention from potential buyers," Goff says.

The complex, which just secured its certificate of occupancy, is a mix of 96 one-bedroom units, ranging from 718 sf to 748 sf; 156 two-bedroom apartments, with 1,007 sf to 1,039 sf; and 36 three-bedroom designs, each 1,200 sf. Monthly rents range from $781 to $1,218.