What drove the deal from the buyer's end were the location at3848 N. 3rd Ave. and the asset itself. "It's a a great property, ithas great bones and the location is amazing," Appleton tellsGlobeSt.com. "The light rail is right there. You can walk fiveminutes, jump on the light rail, and be downtown in 10 minutes.That's what the original group saw when they bought this back in2005."

GlobeSt.compreviously reported Hawthorne was acquired in 2005 by PBAssociates of Southfield MI for close to $40 million; more than$143,000 per unit. PB Associates planned to convert the class Arental complex at into condominiums. But while the developer'sacquisition timing was good, an issue with the city of Phoenix setthe project back about six months says Scottsdale, AZ-based ICCReal Estate LLC's Joe Dietz.

"They were slow to get out of the block, and lost the marketbecause of that," says Dietz, who represented Corus Bank in thetransaction. Though PB Associates was able to sell 90 of the units,the condo market collapse killed any further sales.

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