FLAGSTAFF, AZ-ViaWest Properties acquiredTimberline Place's remaining 102 units for $8.5 million. ThePhoenix-based ViaWest bought the multifamily units fromAspen Group of Scottsdale, AZ, whichacquired the entire 372-unit project in 2006, andconverted 204 units to condominiums.

David Fogler, executive vice president withCassidy Turley BRE Commercial, says the asset at4343 E. Soliere Ave. was originally built as a two-phasedmultifamily property rental, the 168-unit Timberline Village andthe 204-unit Timberline Place. Fogler, who worked with CassidyTurley's executive vice president StevenNicoluzakis on behalf of the seller, says at the height ofthe condo conversion craze, Aspen Group sold off TimberlineVillage. GlobeSt.com reported at the time that TimberlineVillage fetched $21.6 million for Aspen Group.

In the meantime, Aspen Group converted Timberline Place intocondo units. Fogler says Aspen Group continued selling condos, thenstopped after reaching the 50% mark in sales. "The story is, thiswas originally a rental, converted to condos, a portion of it soldthen Aspen decided not to sell the remainder," Fogler says.