(To read more on the multifamily market, click here.)
CHANDLER, AZ-A Canadian condo converter has made an offer alocal buyer couldn't refuse, resulting in the sale of the 230-unitLakeside Village for $21.3 million. The off-market transaction endsnearly a decade of ownership by a limited liability company fromnearby Tempe.
According to seller representative David Fogler, senior vicepresident with Phoenix-based Grubb & Ellis/BRE Commercial LLC,the seller paid $10.75 million for the class A multifamily complexin January 1997. Over the years, Chandler Lake LLC invested inupgrades and improvements. "They felt the market timing was rightto take advantage of interest," adds Fogler, who partnered withGrubb & Ellis senior vice president Steven Nicoluzakis to sellthe 12.3-acre development at 855 N. Dobson Rd.
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