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PHOENIX-A local condo converter has scooped up the 175-unit Vista Del Monte Apartments after another would-be buyer’s contract falls out. The 90%-leased, class C complex trades for $8.5 million.

Earl Ricker with New Vista Del Monte Condominium acquired the value-add complex at 7750 N. 12th St. from Jon and Lynda Bliven of Bliven Investments LLC in Mesa. The buyer was the highest offer out of eight in a second marketing, Ric Holway in Marcus & Millichap Real Estate Investment Brokerage Co.’s Phoenix office, tells GlobeSt.com.

Bliven Investments bought the 1970s vintage complex in December 2001 for $5.9 million in another Holway-brokered deal. The seller’s broker says the deal was in escrow four months so the buyer could structure an all-cash takedown. Rd Door Realty Group of Phoenix represented the buyer.

The Vista Del Monte Apartments rent for $450 to $775 per month. It has a single studio, 120 two-bedroom units and 55 three-bedroom apartments, ranging from 450 sf to 917 sf. “The property is going to require some improvements to be converted to condos,” Holway says. Condos in the area are selling for $120,000 and up.

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