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PHOENIX-In an ongoing quest to locate and acquire multifamily properties for condo conversion, a pair of local investors has purchased a 17-unit apartment building from a San Francisco couple for $1.2 million.

Sean O’Carroll, principal in the local firm, Downtown in Third Development LLC, tells GlobeSt.com that he and his partner, Gary Leavitt, plan to invest approximately $30,000 per unit to convert the class B complex at 310 W. Earl Dr. The conversion begins in November. “The building will start vacating around then and we’ll be in full gear for conversions by the first of the year,” he says, adding reservations will be accepted in January 2006. Units will start at $195,000.

The two-bedroom units of 850 sf are renting for $650 per month. The building was 90% occupied at the time of closing.

Greg Banchik with Realty Executives’ Phoenix office represented the sellers, Bertran and Dorothy Baylin. The O’Carroll Group Inc. in Phoenix represented the investors in the transaction.

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