The new owner plans to convert the 274-unit complex intocondominiums. The fully-leased complex at 8011 N. 7th St. issituated in an infill area of Phoenix's prestigious North CentralCorridor. "This area has a lot of expensive homes so it's a goodidea to create less expensive housing," says Bert Kempfert of CBRichard Ellis Inc.'s Phoenix office. who represented OlympicInvestors. He adds condos in the area sell for $150,000 to $220,000depending on the size.

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

According to Kempfert, Las Brisas' architecture is more uniquethan other apartment developments because of its relationship to apiece of Phoenix history. For example, the complex also includes afreestanding, 2,400-sf adobe house. "The complex sits uponahistoric preservation site where the Bohn family once resided inthe house," he explains.