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PHOENIX-Almost one year and four months after purchasing the Portofino Apartments, Crown Pacific Properties LLC of Carlsbad, CA has sold the 440-unit luxury complex for $50.6 million, collecting $17.1 million more than it paid for the property.

The buyer, Chicago-based Monaco Development, LLC beat out five other offers for the 3830 Lakewood Parkway East property. The new owner plans to convert the five-year-old apartments into condominium units–almost immediately.

The property was on the market about three weeks when Monaco was chosen as the buyer for several reasons. “This buyer was willing to negotiate a purchase sales agreement within a very short period of time and was willing to put up non-refundable earnest money,” says Sean Cunningham, executive vice president in Phoenix for CB Richard Ellis Inc.

Cunningham adds that the new owners are already marketing the property to potential condo owners, at a price between mid-$100,000 to mid-$200,000 range. “Their grand opening is planned for sometime during the fourth quarter of 2005,” says Cunningham, who with partner Tyler Anderson, represented the seller. Monaco was self-represented in the deal.

The 87%-leased complex contains 180 one-bedroom units, at an average of 725 sf, with a market rent of $750 per month; 220 two-bedroom apartment, measuring about 1,000 sf at a monthly rental of $925; and 40 three-bedroom floor plans, with 1,200 sf on average that go for $1,180 per month. To better prepare the units for sale, the buyer plans upgrades including new cabinets, countertops and flooring as well as interior paint jobs.

The buyer isn’t done spending money on multifamily properties in the Phoenix area. “They have one other property under contract that they’ll also convert to condos,” Cunningham tells “Closing on that should happen fairly soon.”

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