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

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.