(To read more on the multifamily market, click here.)
PHOENIX-A mortgage broker is living his dream as a real estateinvestor with his first acquisition, spending $14.4 million for the160-unit Desert Terrace.
Plans call for investor Brandon Caffrey of Scottsdale to convertthe five-year-old, class A complex into condominiums. Estimatedconversion costs for the 6515 W. McDowell Rd. property will run$5,000 to $10,000 per unit. The average per unit cost will be$151,000 or $181 per sf.
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