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SCOTTSDALE, AZ-Following a $1.5-million renovation on the 262-unit Casa Santa Fe Condominiums, a local homebuilder has abandoned a condo conversion plan and sold the holding to Fairfield Residential LLC. The all-cash deal was inked at $30.3 million and a 5% cap rate.

Phoenix-based Jackson Properties had bought the class B property at 11105 N. 115th St. in North Scottsdale in 2005, intending to do a condo conversion. The company, known for its single-family developments, redid the exteriors and some interiors plus put in a tennis court, park and nine-hole putting green.

“The condo market went away so they had to change plans,” Tyler Anderson, vice chairman with CB Richard Ellis’ Phoenix office, tells GlobeSt.com. He and CBRE vice chairman Sean Cunningham and senior associate Jack Hannum represented the seller of the 85%-leased complex.

Anderson says Jackson Properties didn’t do too badly, however. “He bought it for $91,000 per door and ended up selling it for around $115,000 per unit,” he adds.

The San Diego-based Fairfield Residential, which was self-represented in the transaction, plans to keep the property as a rental. The new owner also will add more upgrades at the complex and possibly change the name.

Built in 1987, Casa Santa Fe has one-, two- and three-bedroom units, measuring from 652 sf to 1,158 sf. The rent per unit ranges from $715 to $1,245 per month.

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