The locally based Continental Group, led by John Lupypciw, bought Rancho Antigua from Con Am Management of San Diego. "John has been after this property for several years," Dick Crain, principal of local brokerage firm R.H. Crain & Associates LLC says about the 20-year-old complex at 8787 E. Mountain View Rd. "We had pursued the Con Am for several years to convince them sell it, but they always said that they weren't ready to sell." He says the complex offers an appealing location, a diverse unit mix and large units.

Crain, who represented the buyer, tells GlobeSt.com that Lupypciw wasn't the highest bidder for Rancho Antigua. "There were a couple of other buyers who made higher offers and then couldn't close the deal," he explains. "That's when John stepped in." Sean Cunningham and Tyler Anderson with CB Richard Ellis Inc.'s Phoenix office represented the seller.

According to Crain, Lupypciw has tackled condo conversion projects across the country and now wants to turn his attention to his backyard. "He's looking for other condo conversion opportunities in Scottsdale because he's from here," Crain says, "and in hisexperience condo buyers prefer Scottsdale over other parts of the Valley." The buyer's plans for the 94%-leased Rancho Antigua's conversion have not been finalized nor has the amount of capital he will spend to for the make-over, he adds.