(To read more on the multifamily market, click here.)
PHOENIX-Eighteen months ago, apartment complexes were beingsnapped up at record pace by condominium converters. But in lessthan two years, the news focuses on what local experts have dubbed"reversions"--condo conversion complexes being brought to the salesblock as income-producing properties.
Unlike other markets experiencing condo retreats, local expertssay Phoenix converters aren't losing too much in the process. Justrecently, the 272-unit Laguna Hills at 4800S. Alma School Rd. in Chandler brought in $38.5 million or $2.6million more than SunVest Communities LLC had paid in early 2006.The Hallandale, FL-based company had invested $1 million intoconversion upgrades when it decided to back down on the plan.
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