Anderson tells GlobeSt.com that Tierra Catalina received 15 offers during its time on the market. "Con Am sold the complex to take advantage of the condo mania that is going on in Tucson," he says. Demand for apartment assets that lend themselves to condo conversions is so strong that the sale of Tierra Catalina set a new record for Tucson in terms of price per door--$123,000.

CBRE's Sean Cunningham in the Phoenix office teamed up with Mike Sandahl and Mike Chapman of CBRE's Tucson office to assist Anderson.

Located in the Catalina Foothills at 3201 E. Skyline Dr., Tierra Catalina is in an "irreplaceable infill location," Anderson says. It boasts large townhouse-style units whose the average size is 1,172 sf, with views of the Foothills. "Tierra Catalina is ideal for conversion. It's a nice size complex in the foothills within walking distance to the new mall. It's a real upscale location."