"The buyer won't need to go through the platting process because this was originally built as a condo project," comments Art Wadlund of Hendricks & Partners' Tucson office, who represented Tucson-based buyer, Town West Realty Inc., and seller, Winterhaven East LLC of Phoenix in the trade of 3357 N. Country Club Rd.
The class B complex, was on the market 60 days for $3.7 million. Wadlund tells GlobeSt.com that the seller, who plans to invest his proceeds in a larger property in the area, received five to 10 offers. "He chose the buyer because of the track record, plus the buyer is from the area," Wadlund explains.
Wadlund says the buyer will invest about $10,000 to $15,000 per unit in conversion costs. The condos should be available for sale within 90 days.
The 98% occupied complex offers all two- and three-bedroom units between 861 sf and 1,010 sf. Monthly rents are $610 to $720.
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