TUCSON, AZ-A Denver-based development group has paid $14.8 million for Tierra Catalina, a 120-unit, class A apartment community here. The group, PAW Development, plans to convert the complex into residential condominiums, says Tyler Anderson, an EVP in CB Richard Ellis Inc.’s Phoenix office who represented the seller, San Diego-based Con Am.

Anderson tells GlobeSt.com that Tierra Catalina received 15 offers during its time on the market. “Con Am sold the complex to take advantage of the condo mania that is going on in Tucson,” he says. Demand for apartment assets that lend themselves to condo conversions is so strong that the sale of Tierra Catalina set a new record for Tucson in terms of price per door–$123,000.

CBRE’s Sean Cunningham in the Phoenix office teamed up with Mike Sandahl and Mike Chapman of CBRE’s Tucson office to assist Anderson.

Located in the Catalina Foothills at 3201 E. Skyline Dr., Tierra Catalina is in an “irreplaceable infill location,” Anderson says. It boasts large townhouse-style units whose the average size is 1,172 sf, with views of the Foothills. “Tierra Catalina is ideal for conversion. It’s a nice size complex in the foothills within walking distance to the new mall. It’s a real upscale location.”

Built in 1983, Tierra Catalina, which was 95% occupied at the time of sale, is comprised of 24 buildings plus a clubhouse. The complex boasts 40 one-bedroom units of 916 sf, 62 two-bedroom units ranging from 1,207 sf to 1,304 sf, and 18 three-bedroom units of 1,525 sf. The average rent is $920 per month.

According to Anderson, PAW Development, which has been doing condo conversions for more than 20 years, plans to renovate the interior of the units and add new cabinets and appliances and replace the carpet, among other things. PAW Development, which did not have broker representation for the deal, paid cash for Tierra Catalina.

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