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PHOENIX-The Dehaven Co. has purchased the Cliffs at North Mountain, a 276-unit rental property for $20.13 million from Sares-Regins Group of Irvine, CA.

The single-family builder, Dehaven, which is led by Bill Donoghue, is tackling its first conversion property. The Cliffs at 1720 E. Thunderbird Rd. was built in phases in 1987 and 2002.

As a rental property, one-bedroom units range from 648 sf to 820 sf while two-bedroom apartments average about 950 sf. Rents range from $645 to $745 per month. There is no indication, as yet, as to how much the units will sell for once conversion is completed.

The property itself is located in an area of prime real estate, according to Cindy Cooke, a Colliers International Inc. senior vice president who teamed with Bret Zinn to sell the property. “The home prices in that area go for a half a million dollars and higher,” Cooke tells GlobeSt.com. “In addition, it’s on a rolling terrain so the views are great. The area has a resort-type of feel to it and the property values are conducive to a single-family market.” She adds the buyer would like to purchase similar rental units for condo conversions, but there’s nothing else sitting in the pipeline.

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