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Investor Plans Condo Conversion for $24M Buy

PHOENIX-Robert Sheridan & Partners of Oak Park, IL, acquires the 274-unit Las Brisas Apartments from Seattle-based Olympic Investors LLC. The fully leased asset. with one-, two- and three-bedroom units, sells at a 5.9% cap rate.

By Jennifer D. Duell | Updated on October 04, 2004

PHOENIX-Oak Park, IL-based Robert Sheridan & Partners LLC has acquired Las Brisas Apartments for $24 million from Seattle-based Olympic Investors LLC.

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.

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