PHOENIX-Right Place Properties takes on another Valley conversion with the acquisition of the 28-unit Casa Blanca Villa for $1.3 million from a private investor based in San Diego. Each unit will get $10,000 to $15,000 in upgrades as part of the plan.

PHOENIX-The city's only high-rise apartment community today celebrates a grand re-opening following a retooling by new owner Crown Pacific Properties of San Diego. Built in 1964, the 17-story, 255-unit tower at 4750 N. Central Ave. retains its retro feel.

HOUSTON-Systems Evolution Inc. ends a three-year search for office space with the sublease from Spherion in One Westchase Center. The IT firm has relocated its headquarters from nearby Stafford and picked up extra room for the team.

HOUSTON-GMAC Commercial Mortgage Corp. hires Brant Smith as vice president-producer to expand its presence in the market. In the past six years, Smith has completed more than $500 million of financings.

TEMPE, AZ-Southwest Kidney Institute buys a 20,000-sf office condo to get new corporate space in the East Valley and 1.1 acres to develop a 20,000-sf project in Phoenix. Dialysis centers will go into both locations, taking the total to five in the Valley.

SCOTTSDALE, AZ-Desert Troon Cos. is moving forward with plans to develop two class A office buildings in Perimeter Center. The buildings, Perimeter Parkview Corporate Center and Perimeter Gateway 101, will break ground early next year.

CONROE, TX-The Vancouver, WA-based group acquires a brand-new, 10,920-sf shopping center at the intersection of Interstate 45 and Loop 366. The deal is inked for close to the $3-million asking price.

CHANDLER, AZ-The finishing touches go on the lead-off play for McShane Chandler Industrial Park. The initial building wave delivers three buildings, ranging from 57,450 sf to 85,400 sf. The build-out cost for the 24.5-acre park is projected at $20 million.