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Condo Converters Pay Record Price for Apartments

TUCSON, AZ-A 120-unit, class A apartment complex receives 15 offers before trading for $14.8 million to a Denver-based condominium converters. The sales price sets a new per door record of $123,000 for the city.

By Jennifer D. Duell | Updated on December 28, 2004

TUCSON, AZ-A Denver-based development group has paid $14.8 million for Tierra Catalina, a 120-unit, class A apartment community here. The group, PAW Development, plans to convert the complex into residential condominiums, says Tyler Anderson, an EVP in CB Richard Ellis Inc.’s Phoenix office who represented the seller, San Diego-based Con Am.

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.

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