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New Garden Lane Owner Plans Conversion

PHOENIX-The Phoenix investment group spends $2.4 million for 72 units in a plan to start marketing them as condos in the coming year. The complex came with just the right zoning for Right Place Properties' plan.

By Beverly Ford | Updated on March 19, 2003

PHOENIX-A Phoenix investment group has taken over ownership of the Garden Lane apartments with plans to convert the 72-unit property into condominiums within the next year.

Darrell Moffitt, with Marcus & Millichap’s Phoenix office tells GlobeSt.com that Right Place Properties, which owns several other condominium developments in the Phoenix market, won out over three other bidders with a $2.4-million offer to take the keys to the 3010 W. Camelback Rd. apartment complex, which is zoned for condominium use.

“They should begin marketing them as condominiums within the next year,” Moffitt said. The sale price of those condos has not yet been set.

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