(Read more on the multifamily market.)
PHOENIX-A local condo converter has claimed the 300-unit LaMirada Apartments, paying $15.48 million to a New York City-basedinvestment group for ownership rights. With the acquisition, RightPlace Properties is closing in on its goal to acquire 1,250 unitsin the metro by year's end.
Brooks Spilsbury, an associate broker with Red Door Commercialof Phoenix, says the class B complex at 1350 E. Northern Ave. hasthe right type of design for a conversion plus it is situated in aneighborhood ripe with value-add possibilities. "We think the unitmix is advantageous for our work as condo converters," Spilsburytells GlobeSt.com. "It has larger units, with more two-bedroomunits than one-bedroom."
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