PHOENIX-The desire to acquire a less management-intensive asset, coupled with outstanding market conditions, has motivated a Los Angeles investor to sell the 58-unit Villas Monterosa to Arizona Real Estate LLC of Minneapolis. The 99%-leased holding changed hands for $5.8 million.

“This was being held by a family trust and the seller knew this had the potential to be a condo conversion. With this type of product, time is of the essence,” says Neil Sherman, a senior adviser with Sperry Van Ness in Phoenix. He and colleague Doug Lazovick represented the seller, Stickman Properties LLC, in disposing of the 10525 W. Monterosa St. asset. Sperry Van Ness broker Danny Lee handled talks for the buyer.

Sherman explains that, in addition to taking advantage of a strong market, the sellers didn’t want something requiring quite as much hands-on management. “They’re moving the proceeds into non-multifamily product,” he tells GlobeSt.com.

The winning contract was placed within four days of the listing hitting the market. The new owner is planning a condo conversion, according to the brokers.

Built in 1999 on 1.38 acres, Villas Monterosa has one-, two- and three-bedroom apartments. The rents are $750 to $889 per month.

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