SCOTTSDALE, AZ-In a quick-closing deal, an Omaha investment group has disposed of the 179-unit Scottsdale Haciendas for $22.5 million or $125,698 per unit.

"We moved very quickly on the property, the turnaround was about two weeks," David Fogler, senior vice president with Grubb&Ellis/BRE Commercial, LLC's Phoenix office, tells GlobeSt.com about the sale of 985 N. Granite Reef Rd. He and colleague Steve Nicoluzakis represented the seller, SGD Haciendas LLC, and the buyer, Altazona Partners LLC of Dallas.

Fogler says the 92%-leased complex was marketed only to converters in a no minimum-ask offering. "It's all two bedrooms with attached carports, a good location in south Scottsdale and close to a good job base," he comments. "It was a very strong conversion candidate.

Fogler adds Altazona was selected from the numerous other bidders because of its attractive price, among other things. "They were prepared to move quickly," he says. "They gave us a lot of confidence they'd done homework on the conversion market and we felt their capabilities were strong." The conversion process has already begun, but a budget and price per unit have not yet been figured out, he says.

The two-bedroom units range from 900 sf to 1,140 sf. The rents are $764 to $874 per month.

Fogler says the property originally was purchased by SGD Haciendas in the late 1990s as a long-term hold. "This was a targeted sale because of the popularity of conversions in the Scottsdale area," he explains. "The seller thought it was the opportune time to take it to market, but if they couldn't sell it, they would have been more than happy to keep it."