PHOENIX-After a decade of ownership, a Los Angeles investor has sold the 149-unit Biltmore Center for $9.5 million in an off-market transaction. The new owner is making plans to launch a condo conversion in the summer.

Robert Bard, principal of Select Suites-Biltmore Center LLC, turned over a 96%-leased complex, developed in 1982 at 4341 N. 24th St., to Ron Hassid of Silver Developments LLC, also from Los Angeles. “The seller held the property for almost 10 years and a window of opportunity was presented with the condo conversions, though that’s slowing up,” Ron Monat of Marcus & Millichap Real Estate Investment Brokerage Co. in Phoenix tells GlobeSt.com.

Monat says the deal came about due to already established relationships with both sides. “I was working with the seller on several other deals,” the deal’s sole broker explains. “Because of that, it gave me the opportunity to submit the buyer before the seller was going to list it.”

Although the seller received a nice amount for the complex, Monat points out that the buyer benefited as well. “This is a great location, about five blocks from Camelback. Just behind this property on 25th street is a new housing development, attracting more buyers,” he says. Situated on four acres, Biltmore Center features a mix of studio, one- and two-bedroom apartments, measuring 400 sf to 860 sf. The monthly rents go from $539 to $799.

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?


NOT FOR REPRINT

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

 

GlobeSt

Join GlobeSt

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

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

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