Phoenix-based Right Place Properties is well known throughout the Valley for its condo conversion projects. The new owner plans to convert Casa Blanca Villa at located at 4615 N. 39th Ave. into condos, says Joseph Yu of Phoenix-based Advanced Equities who represented the seller.
Yu tells GlobeSt.com that Casa Blanca Villa received offers from more than a dozen potential buyers. "The investors were a mix of condo converters and apartment owners," he says. He also notes there was "heavy interest from condo converters from California."According to Yu, Right Place Properties made an all-cash offer and promised to close in 30 days. "That really helped cement the deal," he says.
Built in 1975, Casa Blanca Villa consists of 27 one bedroom, two-story townhouses averaging 1,020 sf. The leasing office will be converted to a one-bedroom condo as well. According to Yu, all the townhouses were condo-mapped, meaning each unit has its own parcel number.
Right Place Properties plans to start selling the units immediately after a rehab of the exterior along with unit upgrades. Yu estimates each unit will require $10,000 to $15,000 for improvements. Similar condos in the area sell in the low $100,000 range. Kevin Peck of Phoenix-based Capital Asset Enterprises represented Right Place Properties in the transaction.
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.
