The new owner plans to convert the 274-unit complex into condominiums. The fully-leased complex at 8011 N. 7th St. is situated in an infill area of Phoenix's prestigious North Central Corridor. "This area has a lot of expensive homes so it's a good idea to create less expensive housing," says Bert Kempfert of CB Richard Ellis Inc.'s Phoenix office. who represented Olympic Investors. He adds condos in the area sell for $150,000 to $220,000 depending on the size.

The Las Brisas property consists of two-story buildings and single-level casitas and includes a gated entry, three pools, lighted tennis courts and gated access to the jogging and biking trail along the Arizona Canal. The unit mix includes one-, two- and three-bedroom units ranging from 730 sf to 1,262 sf. Rents average $930 per month.

According to Kempfert, Las Brisas' architecture is more unique than other apartment developments because of its relationship to a piece of Phoenix history. For example, the complex also includes a freestanding, 2,400-sf adobe house. "The complex sits upon ahistoric preservation site where the Bohn family once resided in the house," he explains.