The Meridian on the Biltmore apartments is positioned at 5104 N. 32nd St. Until the sale, the highest per unit price realized was $115,000 for the Camelback Lofts in Scottsdale.
Over the coming months, Starpoint Properties plans to convert the four-story apartments into for-sale condominium units. Being along the Camelback Corridor, at the northwest corner of 32nd Street and Camelback Road, the 10-year old apartment complex is near perhaps the most sought-after office property in the Valley. It's also adjacent to some of the most upscale shopping, in the Biltmore Fashion Park and some of the Valley's most opulent housing.
"It's one of the prime multifamily properties in the Phoenix metro areas for conversion," Jeff Swenson of Swenson Realty Group Inc., which brokered the deal, tells GlobeSt.com. "It's really well located. They have nice units that are good sized. Location is everything and Meridian has it."
The project will compete favorably with other condominium projects that are under development, including Esplanade Place, a high-rise condominium project at the southeast corner of 24th Street and Camelback Road, Swenson says. Condos in some of the competing projects are selling for as much as $350 per sf. The Meridian condos are expected to fetch between $200,000 and $300,000, Swenson says, representing a sizeable discount from prices being charged at nearby projects.
There is a great deal of interest from condominium developers and investors to find apartments that will convert well into condominium projects, Swenson says. "There are not a lot of conversions going on right now," he says. "Frankly, finding the right quality multifamily project at a competitive price for a conversion is a task."
After years of building on the fringe of the Valley, where land was relatively cheap and available, condo developers are now looking to build in urban areas. Downtown Tempe, downtown Scottsdale and downtown Phoenix all have major projects under way. Phoenix is large enough now that it has a population that wants to live in a more urban setting to live, work and play all in the same area. "The urban living environment is very enticing," Swenson says. "In a lot of major metro markets, the urban downtown living is extraordinarily popular."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
