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SAN DIEGO-Chicago-based Adams LaSalle Realty and locally basedSand & Sea Capital have acquired the Crown Tower Apartmentbuilding in a joint venture. In closing the deal, WrightwoodCapital, a Chicago-based firm, arranged $6.2 million infinancing.The play is one of many for the partnership of LaSalleand Sand & Sea Capital, who together have acquired more than 13condo conversion projects totaling approximately 250 units.Upgrades to the interior and exteriors are planned for theproperty. The Crown Tower apartments, which were built in 1971, isa three-story building consisting of 18 units. Twelve of the unitshave two bedrooms while the remaining six are one bedroom, rangingin size from 800 sf to 1100 sf. All of the units have balconies andseveral have ocean views."The proximity of this property to MissionBay and its views, along with the improvements the sponsors willmake, should improve to be competitive advantages when thisproperty is marketed," says Jason Choulochas, regional director forWrightwood Capital. Although condo conversion projects continue toget the green light, there remains some skepticism, which was heardyesterday at the Hyatt Regency Century Plaza in Century City. Theconcern was heard at the day-long Real Estate 2006 conference.Theannual conference and networking event is part of the RealShareConference Series produced by New York City-based Real EstateMedia, Real Estate Forum, GlobeSt.com and Real EstateSouthern California.During one of the panels Greg Rikard,senior vice president with the Los Angeles office of KeyBank RealEstate Capital noted that condo conversions are slowing. He saidthat even a prime location is having little affect on prices."We'reseeing very little separation in price on condo projects whetherthat project is in San Diego, Echo Park [in Los Angeles] orHollywood," Rikard said. "We think that's a disconnect; we thinkproduct should be priced more based on geography."