PHOENIX-Oak Park, IL-based Robert Sheridan & Partners LLC has acquired Las Brisas Apartments for $24 million from Seattle-based Olympic Investors LLC.

The new owner plans to convert the 274-unit complex into condominiums. The fully-leased complex at 8011 N. 7th St. is situated in an infill area of Phoenix’s prestigious North Central Corridor. “This area has a lot of expensive homes so it’s a good idea to create less expensive housing,” says Bert Kempfert of CB Richard Ellis Inc.’s Phoenix office. who represented Olympic Investors. He adds condos in the area sell for $150,000 to $220,000 depending on the size.

The Las Brisas property consists of two-story buildings and single-level casitas and includes a gated entry, three pools, lighted tennis courts and gated access to the jogging and biking trail along the Arizona Canal. The unit mix includes one-, two- and three-bedroom units ranging from 730 sf to 1,262 sf. Rents average $930 per month.

According to Kempfert, Las Brisas’ architecture is more unique than other apartment developments because of its relationship to a piece of Phoenix history. For example, the complex also includes a freestanding, 2,400-sf adobe house. “The complex sits upon ahistoric preservation site where the Bohn family once resided in the house,” he explains.

The Bohn family sold the 17.5 acres in 1991 to Evans Withycombe, which developed the apartment complex in 1992. “The house was incorporated into the design of the complex,” says Kempfert, who sold the land to Withycombe.

Kempfert tells that Las Brisas was only on the market 10 days before Sheridan & Partners put a contract on it. “They’ve been buying in Phoenix since the 1980s and were familiar with the property because one of the partners was involved in the original development,” Kempfert says, adding the property traded at a 5.9% cap rate.

The latest deal marks the fourth time that the broker’s been involved in a transaction with Las Brisas. In addition to selling the land in 1991, Kempfert also sold the property to the San Francisco-based Rreef in 1999 and Olympic Investors in 2002.

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