166-Unit Complex Reels In $19M

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PHOENIX-Two years following its purchase at $12.1 million, the 166-unit Turn Apartments have been sold by a San Diego-based investment group for $18.5 million. The new owner’s plan calls for it to be converted into condominiums.

Situated on 8.59 acres at 14602 19th Ave., the seller, Emerald Turns LLC, already had the condo mapping process under way at the time of the sale. “They bought the property in an exchange in 2003 and went to Phoenix thinking it was a better value,” explains Jon Busse, senior vice president for Colliers International Inc.’s Carlsbad, CA office, who negotiated the transaction on behalf of the seller.

Emerald Turns, which had purchased the six-year-old complex from its developer Unicome Development, has resold it to San Diego-based Pacifica Enterprises Inc. Pacifica, led by Dario Deluca. Chris Stone Realty and ICON Realty Brokers in Phoenix represented the buyer.

“The buyer was in the market looking for conversion deals. He bought it in about 30 days, all cash, and then took over the mapping process at close of escrow,” Busse tells GlobeSt.com. He adds the $17.43-million listing attracted about 15 offers, with many coming from California investors.

The Turn, which was about 95% occupied at sale time, is a mix of 14 studio/lofts, 64 one-bedroom units, 72 two-bedroom apartments and 16 three-bedroom layouts. Units range from 864 sf to 1,217 sf. Rents run from $830 to $1,135 per month.