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

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.

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