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SAN DIEGO-As the condominium conversion wave continues to sweep the city, a 248-unit complex in Rancho Bernardo has been sold for $53 million to make way for condos. Before its sale, the Bernardo Hills complex was being rented as apartments, but it was entitled for conversion into condominiums.

Irvine-based Aslan Group bought Bernardo Hills from Rreef, with J. Kevin Mulhern, Dixie Hall, Dick Schneider and Rachel Hemingway of CB Richard Ellis’ San Diego Central office representing both the seller and the buyer. Mulhern tells Globest.com that the deal represented Aslan’s first condo-conversion transaction. The company is active in the multifamily rental markets of Southern California and Phoenix.

Situated on 11.2 acres, Bernardo Hills is located at 15265 Maturin Dr. The property, developed by Lincoln Property Co. in 1987, sits on 11 acres. Amenities include swimming pools, two spas, a tennis court and a children’s play area.

Bernardo Hills features seven floor plans ranging in size from 544-sf, one-bedroom units to 1,067-sf two-bedroom, two-and-a-half-bath townhomes. All units include stacked washers/dryers, central heat and air conditioning and a private patio or balcony.

Aslan Realty Group plans interior and exterior renovations to reposition Bernardo Hills, which it has renamed Villa Taviana. Interior upgrades will include granite counters, stainless steel appliances, new fixtures and lighting. Exterior upgrades will include a clubhouse renovation, redesign of the pool deck area, new landscaping including fountains, the addition of stack stone and other Tuscan design features.

Other new touches will include an expansion of the patio areas to create outdoor living spaces. Aslan has enlisted Creative Design Solutions to decorate the clubhouse and model in a Tuscan-inspired motif.

The units are not yet priced, though will likely be less than the average asking price of a single-family detached house in the area, which approximately $550,000. “These units will represent very high-quality entry level housing,” Mulhern tells Globest.com.

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