Jackie Day is editorial director of
Real Estate Media's Newsletter Division
SCOTTSDALE, AZ-Jumping aboard the conversion bandwagon, anaffiliate of locally based Avenue Communities has obtained $50.7million in financing to change a 447-unit, gated apartment complexinto condominiums. The developer of the three-year-old Lofts atGrayhawk will begin to convert the property in the comingmonths.
Avenue principal David Dewar says the decision to take the 20100N. 76th St. asset down the same road as a sister property is a wayto recoup its $75-million investment in the development. "It's away to get out of a troubled asset class," Dewar tells GlobeSt.com."It's one way to get our investment back."
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