(Read more on the multifamily market.)
CHANDLER, AZ-A slower condo conversion market has spurred localdeveloper Mark-Taylor Residential Inc. to sell the 352-unit SanPalacio Apartments. The two-year-old complex has sold for $58million to a San Diego buyer, who's working to expand its localfootprint.
"Mark-Taylor was going to convert San Palacio and had startedthe process for conversion," explains Sean Cunningham, vicechairman for CB Richard Ellis' Phoenix office. By the time theadministrative process was completed for the 92%-leased complex,the condo market had slowed so Mark-Taylor decided to sell the 2255W. Germann Rd. property as an operating asset, according toCunningham, who teamed with CBRE vice chairman Tyler Anderson andfirst vice president Jack Hannum to steer the sale.
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