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WOODLAND HILLS, CA-Changing market conditions have led to the$44 million sale of a recently completed 85-unit luxury condominiumproject at 6203 Variel Ave. in Warner Center that the new ownerswill operate as apartments. Sobrato Development of Cupertinoacquired the complex, called the Montecito, from Burbank-basedChandler Partners in a deal that was brokered by the Costa Mesaoffice of Chicago-based Moran & Co.

Moran vice president Brett Betzler, who brokered the sale alongwith president Mary Ann King, tells GlobeSt.com that the projectpresented an unusual challenge in that the newly built complex wasdesigned as for-sale condominiums but was being marketed toapartment investors because of the slowdown in the housing market.In addition, he notes, the Montecito features unusually largeunits, which average 1,772 sf, compared to the average of about 950sf for a typical apartment complex.