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Apartment Complex Trades to Condo Converter for $4M

PHOENIX-Local syndicate Right Place Properties beats out 11 other buyers to pocket the keys to Los Olivos Apartments for $3.7 million. The firm plans to convert the 64-unit class B apartment community into residential condominiums.

By Jennifer D. Duell | Updated on February 24, 2005

PHOENIX-Right Place Properties has acquired Los Olivos Apartments at 7625 North 19th Ave. for $3.7 million from Paradise Valley, AZ-based D&M Development Group LLC. The local syndicate plans to convert the complex into residential condominiums.

Right Place also provided an additional $375,000 to D&M to wipe out the firm’s defeasance of its existing conduit loan serviced by GMAC Commercial Mortgage, says Joseph Yu of Scottsdale-based Advanced Equities Investment Real Estate Services Inc. He and colleague Scott Barrie represented D&M. Right Place was represented internally by Kevin Peck and Nathan Jacobs.

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