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."

Kempfert tells GlobeSt.com that Gables Residential plans to build a four-story complex, which will include about 30,000 sf of retail space. The new development will replace a complex with small units and master-metered utilities.

Despite its age and drawbacks, Las Cascadas is close to full. Kempfert says location is the reason. "Like a lot of properties of this type, it's in a strong infill location that's convenient to a lot of places," he explains. "It's simply under built for the current time and not developed to its full potential."

Las Cascadas has studios and one-bedroom apartments. Units average 561 sf, with the smallest ones measuring 300 sf. The average rent is $603 per month.