PHOENIX-The days could be numbered for the 157-unit Las Cascadas, which is under contract for $12 million to Atlanta-based Gables Residential Trust. The buyer plans to scrape the 5.1-acre tract and replace the vintage building with a 210-unit complex.

Bert Kempfert, senior vice president with CB Richard Ellis’ Phoenix office, is brokering the off-market transaction between Samuel & Co. Inc. in Phoenix and Gables, which is making its first move into the metro. He says the 34-year-old complex and an accompanying Circle K convenience store at 4333 E. Indian School Rd. are obsolete assets situated in what is otherwise a very nice and charming neighborhood.

“Its time has come to be redeveloped with something better,” Kempfert says. “The developer buying this is a thoughtful one and has experience with projects like this.”

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